7/21/09

Suffolk Home Foreclosures Up 62%

According to a Long Island foreclosure report, new foreclosures were down in Q2 '09 (757) 20% from Q1 '09 (944), but up 9% over Q2 '08 (696).

In a good sign for Long Island real estate, the rate of new Nassau County foreclosures has diminished. Compared to Q1 '09 (626), new foreclosures in Nassau County Q2 '09 (265) went down 58%. Since Q2 2008 (393), new foreclosures declined by 33%.

In sharp contrast, foreclosures in Suffolk County reached a two-year high in Q2 2009. There were 492 new foreclosure auctions scheduled in Q2 '09. This was up 62% compared to Q2 '08 (303), and up 55% from Q1 '09 (318).

The Suffolk towns of Brookhaven (267), Islip (244), and Babylon (152) and Nassau's Town of Hempstead (649) have the greatest number of foreclosures in the first half of '09.

Click here for the full Long Island Q2 09 Foreclosure Report.
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