Real LI

Buying and selling real estate in the communities of Long Island

+-

Foreclosures down on LI, report says

House keys and foreclosure notice. iStochphoto.com

House keys and foreclosure notice. iStochphoto.com (Credit: iStock)

Data provider RealtyTrac reported early Thursday that in February, foreclosures on Long Island declined in number compared to a year earlier.

In Nassau County, 223 foreclosure-related documents were filed last month, a drop of 2.6 percent compared to January and 41 percent compared to the year-ago period. In Suffolk, 215 foreclosure documents were filed, nearly 11 percent more than the previous month, but nearly 51 percent less than a year ago.

Experts say the low numbers are just a temporary lull due to greater scrutiny of banks' documents in the wake of the "robo-signing" documentation scandal. The banks' recent $25 billion settlement is expected to unleash a new wave of foreclosures.

advertisement | advertise on newsday

advertisement | advertise on newsday