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Long Island Foreclosure Report Issued by PropertyShark.com for Third Quarter 2008: Long Island Foreclosures Reach Two-Year High


PropertyShark.com released its quarterly report covering first-time residential foreclosures in Long Island (Suffolk County Foreclosures, Nassau County Foreclosures) for the third quarter of 2008.

Hempstead, NY, October 15, 2008 --(PR.com)-- PropertyShark.com, the premier real estate data site, today released its quarterly report covering first-time residential foreclosures in Long Island (Suffolk County, Nassau County) for the third quarter of 2008.

(Note: This report covers Q308 in aggregate. To view individual Long Island foreclosure listings scheduled for auction this week, go to http://propertyshark.com/mason/Foreclosures)

Key Report Findings:

•Foreclosures in Long Island reached a two-year high in the third quarter of 2008: There were 716 new Long Island auctions scheduled in the third quarter of 2008, 37% higher than the number recorded in Q3 2007 (521).

•In Q3 2008, Nassau County foreclosures reached the highest value in the past two-years: The number of newly scheduled auctions in Nassau County rose 25% from Q2 2008 (393), and was 44% higher than in Q3 2007 (341). This set a two-year high with 492 new foreclosures.

•Foreclosures unevenly spread in Nassau County: There is a high discrepancy in the foreclosure rate per household among the Nassau County communities. Villages like Roosevelt, with one new foreclosure in every 119 households, and Westbury, with one new foreclosure in every 140 households, have a foreclosure rate per household that is over seven times higher than the county's average rate.

•Investors reluctant to buy foreclosures at auction: 89.9% of the properties that went to auction in the third quarter of 2008 in Nassau County went back to the lender. Independent buyers bought only 34 of the 336 foreclosed properties that went to auction.

“Investors are showing almost no interest in buying foreclosures at auction in Nassau County. Of the 336 houses sold at an auction in Q3 2008, 89.9% went back to a bank,” stated Bill Staniford, CEO PropertyShark.com.

Nassau County Foreclosures: The number of newly scheduled auctions in Nassau County rose 25% from Q2 2008 (393), and was 44% higher than in Q3 2007 (341). This set a two-year high with 492 new foreclosures. There is a high discrepancy in the foreclosure rate per household among the Nassau County communities. Villages like Roosevelt, with one new foreclosure in every 119 households, and Westbury, with one new foreclosure in every 140 households, have a foreclosure rate per household that is over seven times higher than the county average.

Suffolk County Foreclosures: There were 224 first time foreclosure auctions scheduled in Suffolk County during Q3 2008, down 26% from Q2 2008 (302), but up 24% from Q3 2007 (180). Brookhaven (113) had the highest number of foreclosures among the towns of Suffolk County in Q3 2008, followed by Islip (49), and Babylon (35). There were very few Hampton's Foreclosures.

The full Long Island Q3 08 Foreclosure Report can be downloaded at http://www.propertyshark.com/mason/BlogCenter/marketreports.html.

Press may request a copy of the report by contacting Brian Scully at 718.408.4985.

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With over 25 million properties in twenty major markets, PropertyShark.com provides real estate professionals and investors with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, available directly from the web. PropertyShark.com strives to level the playing field by offering independent real estate firms, investors, and savvy consumers the information transparency essential to evaluate real estate and make informed decisions. For more information go to: www.propertyshark.com
Contact Information
PropertyShark.com
Brian Scully
718-715-1758
Contact
www.PropertyShark.com
Attached Files

Long Island Foreclosures
Long Island Foreclosures
Filename: Longislandforeclosuressnagit.jpg

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