Report: LI foreclosures skyrocket, and may get worse

Statistics show Long Island is feeling the heat of the nationwide foreclosure crisis. According to RealtyTrac, a firm that compiles real estate data, foreclosures in Nassau County were up 77 percent

News 12 Staff

Apr 15, 2008, 11:21 PM

Updated 5,944 days ago

Share:

Statistics show Long Island is feeling the heat of the nationwide foreclosure crisis.
According to RealtyTrac, a firm that compiles real estate data, foreclosures in Nassau County were up 77 percent in March from a year before. The number of foreclosures in Suffolk County increased 46 percent over that period.
Statistics also show that 41,000 subprime mortgages on Long Island are due to reset to higher interest rates. Long Island Association Economist Pearl Kamer said foreclosures will likely go up and that warrants action from the federal government.
?No, we don't want to reward imprudent borrowing where people couldn't possibly repay loans, but we don't want to harm general economy either,? Kamer said.
One in 50 mortgaged homes nationwide is in foreclosure.
Click for more on the toll foreclosures are taking on Long Islanders
To watch an extended interview with Kamer, go to channel 612 on your iO digital cable box and select iO Extra.


More from News 12
2:13
Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

1:45
Muggy Thursday with chance for storms; less humid weekend ahead

Muggy Thursday with chance for storms; less humid weekend ahead

Police: Teen struck by car while riding bike in Rockville Centre

Police: Teen struck by car while riding bike in Rockville Centre

1:56
Nassau Democrats block vote on borrowing until grant money released

Nassau Democrats block vote on borrowing until grant money released

1:43
Bay Shore Assembly of God school's sudden closure leaves parents scrambling

Bay Shore Assembly of God school's sudden closure leaves parents scrambling

2:42
'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others

'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others

1:26
Riverhead BOE approves plan to bring resource officers to schools

Riverhead BOE approves plan to bring resource officers to schools

0:27
Farmingdale parent files lawsuit in connection to deadly bus crash

Farmingdale parent files lawsuit in connection to deadly bus crash

0:26
Police: Suspect wanted for robbing Stop & Shop in East Meadow

Police: Suspect wanted for robbing Stop & Shop in East Meadow

0:28
Police: Suspect arrested for burglarizing Macy’s at Green Acres Mall multiple times

Police: Suspect arrested for burglarizing Macy’s at Green Acres Mall multiple times

0:18
Volunteers plant trees at Oakdale facility for people with developmental disabilities

Volunteers plant trees at Oakdale facility for people with developmental disabilities

1:45
Long Beach School Board renews talks to close elementary school following survey results

Long Beach School Board renews talks to close elementary school following survey results

0:23
Police: Third teen arrested for causing $600K in damage to Shelter Island home

Police: Third teen arrested for causing $600K in damage to Shelter Island home

2:01
Pilot, passenger from Virginia identified as victims in MacArthur Airport crash

Pilot, passenger from Virginia identified as victims in MacArthur Airport crash

1:04
Smithtown boy returns home from South Carolina after being stranded from global tech outage

Smithtown boy returns home from South Carolina after being stranded from global tech outage

1:38
Optimum donates $2,500 to Henry Viscardi School following wheelchair basketball game

Optimum donates $2,500 to Henry Viscardi School following wheelchair basketball game

1:50
New mental health clinic opens at NUMC

New mental health clinic opens at NUMC

0:18
Police: 3 men wanted for stealing $6,000 worth of sunglasses in Lake Grove

Police: 3 men wanted for stealing $6,000 worth of sunglasses in Lake Grove

0:20
Big Lots to close stores nationwide, including 2 locations on Long Island

Big Lots to close stores nationwide, including 2 locations on Long Island

0:16
Riverhead police chief announces departure from department

Riverhead police chief announces departure from department