Long Island Real Estate Market – Foreclosure Update, October 2008

This is a foreclosure update for the Long Island real estate market. This report features the number of homes that are pending foreclosure throughout a sample of the Long Island real estate market.

West Islip = 28 Homes Pending Foreclosure
Deer Park = 84 (30% increase over August)
Babylon = 12 (50% decrease)
West Babylon = 87
Lindenhurst = 93
Patchogue = 13
Miller Place = 28
Riverhead = 4
Huntington = 50
Port Jeff = 10
Sayville = 19
East Hampton = 1
Smithtown = 7
Hauppauge = 17
Manorville = 18

Total = 471 Homes Pending Foreclosure (8% Decline)

Farmingdale = 18
Seaford = 4
Massapequa = 43
Freeport = 41
Wantagh = 8
Lynbrook = 2
Elmont = 29
Oceanside = 1

Flushing = 78
Bayside = 22
Jamaica = 704
Howard Beach = 27

If you want information on a specific town, leave me a comment or call me at 631.831.9048.

Throughout each of the counties in the given towns selected, there was about a 10% decline in homes pending foreclosure throughout Long Island. This is good news

The average loss of equity from a foreclosure on Long Island is about $8000. So the fewer foreclosures in your area, the better overall, the foreclosure numbers, gathered from RealtyTrac, appear to be declining. This is fantastic news for a number of reasons, one being, the damage to home values will be less.

This past week in the financial market, things do not seem promising. if you watch too much news, you would believe that the sky is falling. I always try not to watch the news, especially local news because it’s filled with the filth of our humanity, usually jam-packed with the worst of what our area has to offer.

I will continue to report on the Long Island foreclosure situation and see how things change from month to month. please continue to come back. if you have any questions on a specific town, please feel free to contact me.

Long Island Real Estate Market – Foreclosure Update, October 2008

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