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Foreclosure filings up on Long Island
RealtyTrac, an online market for foreclosure sales, has released September numbers showing a 224 percent hike in foreclosure-related filings for Nassau compared to a year ago and a 167 percent increase for Suffolk.
Expect more triple-digit percentage increases in the next few months but don’t think the world is ending.
September of last year is when a new state law kicked in requiring lenders to give subprime borrowers a three-month notice before starting a foreclosure case. That means the number of new cases went down drastically last year in September, October and November before starting to soar up again.
For example, Nassau had 188 new cases in September 2008, but it had 622 new cases last month – the number that fueled the county’s triple-digit increase in foreclosure-related filings, which include auction notices and bank repossessions.
Tags: foreclosures
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