Foreclosure filings on Long Island in October jumped 33.0 percent in Nassau and edged up 6.1 percent in Suffolk from the month before, according to new data released from RealtyTrac.
Statewide, foreclosure filings rose 44.7 percent during the month, while nationally, filings edged up 2.1 percent.
RealtyTrac's data shows foreclosure filings dropped 31 percent in Nassau and soared 82 percent in Suffolk in October compared to the year earlier period. In New York State, filings rose 51.4 percent and nearly doubled nationally.
“Overall foreclosure activity continues to register at a high level compared to last year, but it appears to have leveled off over the past two months after hitting a high for the year in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “Default notices were down nearly 9 percent in October, indicating that some of the efforts on the part of homeowners, lenders and advocacy groups to find alternatives to foreclosure may be starting to have an impact. On the other hand, bank repossessions were up nearly 35 percent, evidence that more homeowners who enter foreclosure are losing their homes.”
Some experts have said that RealtyTrac's numbers are not accurate. RealtyTrac has acknowledged it had trouble collecting data this year in certain areas, including Suffolk.
Comments (1)
Forclosures are one thing... but the market is showing signs of a recovery.
My two homes on Long Island have received offers over the past week that are an average of 20% higher than the offers we were getting throughout 2007. We are going to sit and wait to see where things go in 2008.
On another note, farmland ripe for producing corn is increasing in value like never before. We received a $290,000 offer on an old farm we purchased in 2003 for $146,000. We will wait to see where the government goes with ethenol programs, which will likely drive the price up a little further.