Suffolk foreclosure rates skyrocket

A realty firm says Suffolk County foreclosures jumped 130 percent in November compared to the previous month. (12/13/12)

CENTRAL ISLIP - Foreclosure listing firm RealtyTrac announced today that the number of homes seized by banks nationwide reached a nine-month high in November.

Foreclosure numbers for Long Island are on the rise, especially in Suffolk. RealtyTrac says foreclosure numbers jumped nearly 130 percent in November compared to one month earlier, and more than 200 percent from this time last year.

Nassau homeowners fared far better, with rates dropping for November. However, the figures rose slightly over where they were last year.

Long Island Association chief economist Dr. Pearl Kamer says a large number of homes are hitting the end of New York's long foreclosure process. But she says the foreclosure bubble was expected and that home prices will eventually recover.
 

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