LI foreclosure rate swells, nation sees decline
? The latest foreclosure and unemployment numbers show a mixed picture of Long Island?s economy. Despite a report that things are looking better for homeowners across the nation, more Long Islanders
News 12 Staff
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Oct 16, 2009, 2:45 AM
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Updated 5,306 days ago
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? The latest foreclosure and unemployment numbers show a mixed picture of Long Island?s economy.
Despite a report that things are looking better for homeowners across the nation, more Long Islanders are losing their homes to foreclosures. And while Long Island?s unemployment rate is up from a year ago, it still remains below the national average.
On Long Island, foreclosures jumped 3.5 percent in Nassau and rose just over 1 percent in Suffolk, according to RealtyTrac.
Long Island?s unemployment rate hit 7.4 percent in September, up 2.3 percent from a year ago.
Long Island Association?s Dr. Pearl Kamer says she expects the economy to begin recovering in about a year.
