Suffolk foreclosures skyrocket 176% in May

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.

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