LI home repossessions down
Repossessions, the end stage of foreclosure, have dropped recently on Long Island. Credit: iStock
Lenders took back nine homes in Nassau and 21 in Suffolk last month, a 79 percent drop from the 145 a year earlier, RealtyTrac reported.
Several court and foreclosure experts have attributed the drops in the past year to scandals over lenders' foreclosure documentation.
In October 2009, lenders repossessed 27 Long Island homes, the early part of the wave of foreclosures from job layoffs, data show. In October 2008, it was 176 homes, the fallout from subprime and high-cost lending, RealtyTrac said.
On the Island last month, lenders started foreclosure cases on 272 homeowners in Nassau and 146 in Suffolk, a 49 percent drop from the 815 a year earlier, RealtyTrac reported.
Back in October 2009, data show, 1,321 new foreclosure cases filed on the Island as the economic meltdown continued. RealtyTrac said there were 386 new cases in October 2008, when the subprime crisis was beginning to wind down in court and the fallout from the economic crisis had yet to be felt in foreclosure court.
