A new report shows foreclosures on Long Island were down in October from the same time in 2007, but experts say the numbers are deceiving.

A RealtyTrac report says that foreclosures in Suffolk County were down 57 percent compared to a year ago and foreclosures in Nassau County dropped 35 percent. However, Long Island Association economist Dr. Pearl Kamer attributes the decline to more homeowners taking advantage of a 90-day grace period for foreclosures.

The new law gives homeowners 90 days to renegotiate a mortgage with their lenders before banks can initiate foreclosure proceedings. Once the grace period is over, Kamer says foreclosures will increase. ?Unfortunately, the more foreclosures there are, the more downward pressure there is on home prices,? she says.

In the last month, however, foreclosures in Nassau County have surged by 40 percent. Suffolk County's foreclosure rate declined by 11 percent. Kamer expects home prices to fall another 15 percent through 2009 before things stabilize.

The report says overall foreclosures in the United States are up 25 percent compared to last year.

Community Development Corporation of Long IslandLong Island Housing PartnershipMultiple Listing Service of Long IslandLong Island Volunteer CenterLong Island Housing Services