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Foreclosures up on Long Island
The long-expected flood of foreclosures has finally hit Long Island.
Foreclosure filings were up nearly 34 percent in Nassau County and 50 percent in Suffolk County in May compared to the same period last year, according to a report released Thursday by data provider RealtyTrac.
The increases were driven mainly by a rise in new foreclosure filings. Across both counties, there was a 41 percent jump in the number of lis pendens, or notices that the foreclosure process is beginning.
There were 919 foreclosure filings on Long Island last month, compared to 652 in May 2011.
Foreclosures rose locally even as they fell by 4 percent nationwide, RealtyTrac reported.
The court approval required for foreclosure in New York has slowed down the process, causing the crisis to linger in New York and other states that require judicial approval even as the rest of the nation starts to recover, according to RealtyTrac.
“It’s a little sad but there has to be some movement, you can’t just have homeowners sitting in their homes, not knowing what to do,” said Vincent Cuocci, an attorney in Patchogue who represents homeowners.