Foreclosure Numbers Continue To Run And Jump

November 5th, 2007 | Tags: Foreclosure

During the third quarter foreclosure listings in Nassau and Suffolk Counties doubled. From July to September there were 1,241 filings in Nassau – a jump of 27.4% from the last quarter. Suffolk recorded 1,080 foreclosures, which showed a jump of 14.4% over the previous three months. A pioneering reliable online group has released the numbers. The numbers include all the three steps of foreclosure – default, auction and repossession by the lender. Many have been critical about the statistics but the group has admitted of difficulties in collecting details. Without any state agency doing the job this seems to be little other alternatives.

It appears that 0.27% houses in Nassau are affected with the ratio being 1:369 during the last three months In Suffolk 0.20 units are marked with foreclosure with the ratio being slightly better with 1:499.

Long Island is in a worse condition in comparison to New York State. In New York the foreclosure figures jumped by 12.1% during the third quarter – the number being 14,272 – with 0.18% houses stigmatized by it. The ratio is 1:550. In Long Island the situation is sliding down for the worse. People have always faced financial crisis but the difference is that in the past they could sell their properties and pay off dues. But now the property market is in such a state of depression that this escape route is blocked. Less escape possibilities from debts means more foreclosures.

As a state New York is doing better than other parts of the country. There have been 635,159 foreclosures in USA during the last quarter – recording a jump of 30% over the last quarter. 0.51% houses are under the foreclosure cloud nationally with a ratio of 1:196. New York state ranks 29^th in this ignominious race.

In Queens 0.34 houses are in foreclosure with the ratio being 1:298. In Manhattan 0.05% houses are listed with a ratio of 1:2,039. In Bronx 0.20% are in foreclosures with 1:497. In Brooklyn the picture is grim with 0.26% against a ratio of 1:379. Staten Island figures are 0.35% with 1:284. New York State shows 0.18% houses as compared to the national figure of 0.51%. The ratio in New York State is 1:550 as contrasted with the national ratio of 1:196.

It appears that foreclosures are not evenly spread out but concentrated in some pockets. This opens the way for endless debates as to causes and effects.

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