Tuesday, May 13, 2008

A dose of reality - Long Island foreclosure filings up in first quarter 2008

Foreclosures are wreaking havoc all over the nation, Long Island is no different. In Nassau and Suffolk county 1 out of every 299 households is in some kind of foreclosure related procedure. A total of 3352 homes out of about 1 million households, quite a staggering number for only two counties.

In Nassau, which has 458,832 households, there were 972 foreclosure-related filings in the first quarter of 2007. By the first quarter of 2008 there were 1,264. In Suffolk, which has 542,880 households, 2007 first-quarter foreclosure related filings totaled 2,031, compared with 2,088 for the 2008 period. In Queens, where there are 832,832 households, 1,913 properties faced foreclosure-related filings in the first quarter of 2007. In the comparable 2008 period that number jumped to 2,704.

Compared with a year ago, first-quarter numbers for foreclosure-related activity jumped 112 percent nationwide, affecting almost 650,000 properties, RealtyTrac said. The increase in the same period was 40.3 percent for New York State, 30 percent for Nassau, 2.8 percent for Suffolk and 41.3 percent for Queens.

Compared with the last quarter of 2007, the first-quarter increase in foreclosure-related filings was 23 percent nationally, 14.3 percent for New York State, 14.4 percent for Nassau, 27.5 percent for Suffolk and 7.1 percent for Queens.

source: Long Island foreclosures up, but nation's worse
BY ELLEN YAN, newsday.com

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