One out of every 362 homes had a foreclosure filing in the New York metropolitan area, which includes Long Island, according to the RealtyTrac’s third-quarter U.S. foreclosure market report. While the report’s New York metro category was a broad area that included New York, northern New Jersey, Long Island and part of Pennsylvania, that number is a pretty fair representation of foreclosures on Long Island, says James Britz, vice president for the nonprofit Long Island Housing Partnership.
“Long Island, for the state, is ranked high,” Britz says. “Nassau and Suffolk are in the top five of foreclosures in New York. We’re still seeing an influx of people coming in for foreclosure help,” he says, adding that his nonprofit had 35 people sign up for a one-day loan work-out event with Chase bank this week. “Our office here was packed,” Britz says.
Of the 206 U.S. metro areas tracked in the report, the New York area was at No. 160. There were 20,504 properties with filings in the area – that’s 0.28 percent of all housing units. This number dipped 8.33 percent from the second quarter, but it’s a 46 percent leap from the third quarter of last year, according to RealtyTrac, an online market of foreclosures based in Irvine, Calif.
Long Island had a total of 3,213 third-quarter filings, including bank repossessions, first legal notices and auction notices. That’s a 30.1 percent reduction in Nassau and a 20.6 percent decrease in Suffolk, compared to the third quarter of last year, according to previous reports from RealtyTrac.