Long Island Foreclosure Rate Twice as High as New York City

Written July 15, 2008 by Jay Fleischman, New York Foreclosure Defense Lawyer

New data released by PropertyShark.com shows that Long Island foreclosure rates are speeding along at a far higher clip than New York City.  Long Island foreclosures reached a one-year high in the second quarter of 2008, with 693 new auctions scheduled in the second quarter of 2008, 40% higher than in Q2 2007.

Suffolk County foreclosures, however, increased at a greater rate than Nassau County.  Suffolk County foreclosure rates were 102% higher than the same quarter last year, vs. Nassau County’s 14% increase over the same time period.  Overall, Long Island’s foreclosure rate per household twice as large as New York City.

The hardest hit?  Hempstead had the highest rate of foreclosures per household in Long Island with one in every 833 households was scheduled for a foreclosure auction in the second quarter of 2008, double the previous quarter.

The full Long Island Q2 08 Foreclosure Report can be downloaded here.

Why Should You Fight The Foreclosure?

Just like the bank, you have powerful rights. When you fight the foreclosure you can stay in your home for months - even years - longer that would otherwise be the case. Your may have the option to force the bank to reduce your interest rate, give you a forbearance, or even lower the total amount due. Learn more . . .

Alternatives To Foreclosure

There are options when you fall behind on your mortgage. Some are real, others are scams. DON'T GET SUCKERED! Take the time to understand your rights and get the facts. After all, this is your home we're talking about; it's important for you to do everything possible to save it. Click To Continue

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