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Propertyshark.com lists their Q1 year over year comparison to be up 208% for Nassau, and down 4% for Suffolk, based on number of foreclosures. Most recent I could find. Could simply be Suffolk has a lower median value, maybe more opportunity for short sale, and people did not have to stretch as much into their home. Does finally start to (maybe) show the impact that financial/city layoffs are having on the pricier parts of our region.
Propertyshark.com lists their Q1 year over year comparison to be up 208% for Nassau, and down 4% for Suffolk, based on number of foreclosures. Most recent I could find. Could simply be Suffolk has a lower median value, maybe more opportunity for short sale, and people did not have to stretch as much into their home. Does finally start to (maybe) show the impact that financial/city layoffs are having on the pricier parts of our region.
Perhpas Suffolk is less NYC $$ dependent than Nassau?
Suffolk ranked third in the state and Nassau fifth in the percentage of households that got a foreclosure-related filing in the first half of the year, according to RealtyTrac, which tracks the issue nationally.
The report showed one out of every 155 households, which also includes apartments, was directly touched by the foreclosure crisis in Suffolk, while in Nassau, it was one of every 166 households. That translates to 3,512 Suffolk properties and 2,762 Nassau ones getting foreclosure-related filings, a 3 percent drop from a year ago, but a 63.6 percent increase from the last half of last year, when the activity was artificially low because lenders had to start giving a 90-day notice before initiating foreclosure proceedings, the data show.
but on the other hand:
Quote:
In June, lenders repossessed 70 homes in Nassau and 43 in Suffolk, RealtyTrac said.Foreclosure filings include the first legal notice of a pending claim against a house, the auction notice and the lender's repossession of the house.
People are getting laid off, houses cost too much, that's really all there is to it. Plus, there was a point (a few years ago maybe?) where you could get a mortgage for no-money down...so a lot of people who really couldn't afford them got them and weren't able to make the monthly payments. They have made it superhard to get mortgages now.
If all of this is true, then we are in for a rough ride as the enticing 5 year ARM's (with zero down, no income verification loans) from 2004-2006 are going to reset in the next 2 years.... I'm sure that has a lot to do with foreclosures.
I remember foreclosures being almost null. And even the homes that were, it was kept a secret, as up until a year or so ago, it was embarassing as all hell to be pegged as a foreclosure. Hell, it's almost cool to be in foreclosure these days.
It's become like a sport, let's see who can squat the longest before physically being thrown out to the curb.
Now the real estate ads are running with it.
"Look here! Foreclosure! woo-hoo! you can almost steal this baby!"
Foreclosure this, short sale that...
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