Buying and selling real estate in the communities of Long Island
Foreclosures down on LI, report says
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.