Suffolk foreclosures skyrocket 176% in May

New data shows that the number of Long Islanders losing their homes to foreclosure went through the roof last month.In Suffolk, foreclosures were up 176

WYANDANCH - New data shows that the number of Long Islanders losing their homes to foreclosure went through the roof last month.In Suffolk, foreclosures were up 176 percent in May from April, and rose 50 percent from last year. Nassau's foreclosures rose 32 percent over the same period, and climbed 33 percent higher from last year. Experts say the foreclosure problem is particularly bad on Long Island because property taxes are so high, putting an extra burden on homeowners.Economists say once all of the foreclosed homes are bought out, the local housing market will begin to improve. However, it could be at least two years before that starts to happen, economists predict.

advertisement | advertise on News 12

Top 5 Must See

The school district says the candy made the 1 Sachem SD: 6 students hospitalized after eating potentially laced candy
Robert Crumb, 44, pleaded not guilty to second-degree 2 Man pleads not guilty to stabbing wife to death in Bethpage
Campus personnel found swastikas at Nassau Community College 3 Swastikas found scrawled inside Nassau Community College building
The motel, which was converted into a drug 4 Brookhaven asks Suffolk to remove vacant Ridge Motel East
Rev. John Barres, 56, bishop of the Diocese 5 Pope appoints new bishop to Diocese of Rockville Centre

advertisement | advertise on News 12

Features

Need help this holiday season? We've got you Holiday Help Series

Need a gift idea? Perhaps you need a fun idea to do with the kids?

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE