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Long Island Foreclosures Drop 37% from October 2008, But Up 37% from November 2007 Says PropertyShark.com Report


The number of new foreclosures in Long Island is 37% higher than in November 2007, however compared to October 2008, foreclosures dropped by 37%. Suffolk County foreclosures were down 9% and Nassau County foreclosures were down a large 51%.

Long Island Foreclosures Drop 37% from October 2008, But Up 37% from November 2007 Says PropertyShark.com Report
Hempstead, NY, December 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 November 2008.

(Note: This report covers November 08 in aggregate. To view individual Long Island foreclosure listings scheduled for auction this week, go to http://www.propertyshark.com/mason/Foreclosures/new_york )

Key Report Findings

· Long Island foreclosures down 37% from October 2008: There was a 37% decrease in Long Island foreclosures in November 2008 (196 scheduled foreclosures) from the previous month (311 scheduled foreclosures). However, compared to November 2007, foreclosures are still 37% higher.

· Nassau County foreclosures fall by half in November 2008: There were 103 new Nassau County foreclosure auctions scheduled in November 2008, a 51% decrease from October 2008, but a 51% increase from November 2007. The total aggregate lien amount dropped over 50% from $89.2 million in October 2008, to $40 million in November 2008.

· Suffolk County foreclosures down 9% from October 2008: Foreclosures in Suffolk County were down 9% from October 2008 yet despite the monthly decrease, the foreclosure level was still 24% higher than in November 2007.

· Long Island lis pendens dropped 72% in October 2008: Long Island lis pendens dropped 72% in October 2008 from October 2007, down 79% in Suffolk County and down 60% in Nassau County. (Note: they track lis pendens one month behind foreclosures in order to get comprehensive data)

· Hampton's foreclosures remain extremely rare

"While we saw a 51% decline in first time foreclosures from October 2008, this was likely impacted by the fact that Nassau auctions are held on Tuesdays, and the presidential election this year was on a Tuesday," stated Bill Staniford, CEO PropertyShark.com

Nassau County Foreclosures

There were 103 new Nassau County foreclosure auctions scheduled in November 2008, a 51% decrease from October 2008, but a 51% increase from November 2007.

The Town of Hempstead recorded a decrease in the number of newly scheduled foreclosure auctions of 50% in November 2008 when compared to the previous month.

Suffolk County Foreclosures

There were 93 foreclosures in Suffolk County in November 2008, down9% from October 2008 but 24% higher than in November 2007.

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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
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PropertyShark.com
Brian Scully
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