On LI, foreclosures drop from August to September
Long Island is bucking the national trend of soaring foreclosures, according to the latest statistics.
The number of Americans losing their homes to foreclosure is up 71 percent over the last year, but the situation on Long Island is slowly getting better.
From August to September, foreclosures in Nassau County dropped from 478 to 218, according to RealtyTrac. In Suffolk County, foreclosures in September were down from August by more than 200. Overall, foreclosures on Long Island were down 15 percent compared to the same time last year.
However, the data may not mean fewer homeowners are in trouble, but that the foreclosure process is just being delayed. The state recently passed a law that gives homeowners 90 days to fight off foreclosure.
Multiple Listing Service of Long Island President Barbara Ford says the statistics and foreclosure waiting period do bode well for Long Islanders. ?It will calm the waters, allow people to take a breather,? she says.
Click for more on program that help prevent foreclosures
CommunityDevelopment Corporation of Long IslandLongIsland Housing PartnershipLong Island Fair HousingFHA to Provide Additional MortgageAssistance to Struggling HomeownersMLSLI.com - Long Island Real EstateRealtyTracNassau County Office of Housing andHomeownership Center