A lis pendens begins the foreclosure process, often after a homeowner is 90 days’ delinquent.


The foreclosure process takes as long as 18 to 24 months
in the region. Some homeowners may try to refinance or modify their loans, or bring their loans up to date during that time. Others will try to sell, declare bankruptcy or fight the foreclosure in court. Finally, there are those who will go through the entire process, losing their home to auction at the end.


Once a property ends up as a foreclosure sale and goes back to the bank, the bank will try to sell it, often for a lower price than what
similar homes might get in a traditional sale.


In some cases the banks hold on to properties before trying to sell them to avoid flooding the market with foreclosed homes.

Compiling data


Newsday analyzed data provided by the Long Island Real Estate Report, a real estate transaction reporting firm based in West Islip. The firm collects and sifts through individual lis pendens and home sales records, creating data sets that are checked for accuracy and completeness. The firm provided detailed data by community to Newsday, along with a full database of 2009 transactions.

Newsday’s analysis covered data from the first three quarters of 2009, along with the same time period in 2008 and 2007. The firm’s data includes all sales transactions that go through the Multiple Listing Service, but also those that do not, including exclusive listings, those sold by owners and others.


— Randi F. Marshall

>>CLICK HERE: View information on foreclosures in your community

West Babylon closing school ... Montauk dredging ... Fitness Fix: Deer Park Athletic Club  Credit: Newsday

Concern over Nassau-ICE partnership ... West Babylon closing school ... Slick commute ... SALT negotiations 

West Babylon closing school ... Montauk dredging ... Fitness Fix: Deer Park Athletic Club  Credit: Newsday

Concern over Nassau-ICE partnership ... West Babylon closing school ... Slick commute ... SALT negotiations 

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