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 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.