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.

Tags: RealtyTrac , foreclosures

advertisement | advertise on newsday

advertisement | advertise on newsday