Hempstead, NY, November 18, 2008 --(PR.com
)-- PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in Long Island (Suffolk County, Nassau County) for October 2008.
(Note: This report covers October 2008 in aggregate. To view individual Long Island foreclosure listings
scheduled for auction this week, go to www.propertyshark.com/mason/Foreclosures)
Key Report Findings
• Long Island foreclosures drop 8% from September 2008, but up 41% from October 2007: The number of new foreclosures in Long Island is 41% higher than in October 2007, however compared to September 2008, foreclosures dropped by 8%. Suffolk County was up 23% compared to October 2007, while Nassau County recorded a 51% increase over the same time period.
• Uniondale, West Hempstead and Hempstead Village are Nassau County’s trouble spots: The foreclosure per household rate was very high in these villages, with one in every 500 homes scheduled for an October auction in Uniondale, one in every 602 homes scheduled for an October auction in West Hempstead, and one in every 608 homes scheduled for an October auction in Hempstead Village.
• High foreclosure rates in the Suffolk County towns of Brookhaven and Babylon: Brookhaven and Babylon accounted for more than half of the foreclosures in Suffolk County. Within these towns, the top three villages with the highest number of foreclosures and the highest rates were Wyandanch, with one in every 347 homes scheduled for auction in October, followed by Amityville with one in every 447 homes scheduled for auction in October, and Shirley with one in every 972 homes scheduled for auction in October.
• Long Island lis pendens drop drastically in September 2008: The number of lis pendens decreased by 66% in Suffolk County and 69% in Nassau County from August 2008 to September 2008, for a 68% overall decrease on Long Island. Compared to September 2007, lis pendens are 63% lower in Long Island. (Note: they report lis pendens one month behind foreclosure auctions so these are September numbers.)
• Hamptons Foreclosures were extremely minimal again in October 2008.
"Fortunately, Nassau County first time foreclosures dropped from the near term highs set in September, but the county is still up 51% over October 2007," stated Bill Staniford, CEO of PropertyShark.com.
Nassau County Foreclosures: Compared to October 2007, Nassau County recorded a 51% increase in the number of new foreclosures in October 2008.
However, compared to September 2008, Nassau County saw an 18% decrease. Despite a small decrease from last month, the Town of Hempstead (151) continues to account for most of the foreclosure activity in Nassau County. The top five villages for first time foreclosures are all located in the Town of Hempstead. The foreclosure per household rate was very high in these villages, with one in every 500 homes scheduled for auction in Uniondale, one in every 602 homes scheduled for auction in West Hempstead, and one in every 608 homes scheduled for auction in Hempstead Village.
Suffolk County Foreclosures: Suffolk County new foreclosure auctions increased by 20% over September 2008 and by 23% over October 2007 (83). The towns of Brookhaven and Babylon accounted for more than half of the new foreclosures in Suffolk County. Within these towns, the top villages for foreclosures per household were Wyandanch, with one in every 347 homes scheduled for auction in October, followed by Amityville, with one in every 447 homes, and Shirley, with one in every 972 homes scheduled for auction in October.
Long Island Lis Pendens: (September): In September 2008, the number of lis pendens decreased 66% in Suffolk County and 69% in Nassau County from August 2008, representing a 68% overall decrease in Long Island. In comparison to September 2007, Nassau County was down 58%, and Suffolk County was down 66%. Long Island, with 339 lis pendens, recorded a 63% decrease.
"While the 68% decrease in Long Island lis pendens may at first glance appear promising, it can be largely attributed to the recent New York state law requiring lenders to notify the homeowner 90 days before filing a lis pendens, and may have just tabled the problem until 2009," stated Mr Staniford.
Press may request a copy of the report by contacting Brian Scully at 718.408.4985 or visiting PropertyShark BlogCenter www.propertyshark.com/mason/BlogCenter/marketreports.html
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