Sunday, December 21, 2008

Foreclosures happening across Long Island

In 2006, just one Long Island community had more than 200 lis pendens -- the first step in the foreclosure process -- during the period Newsday analyzed. This year, that number climbed to 12. Foreclosures have spread across Long Island, touching nearly every community.

Foreclosure crisis bulldozing through LI's neighborhoods

The number of lis pendens filed on Long Island more than doubled between 2006 and 2008, according to a Newsday analysis of a foreclosure database provided by The Real Estate Report, which compiles foreclosure and home sales data, in West Islip.

In the first eight months of 2008, banks and other mortgage servicers filed nearly 11,600 lis pendens against Long Island homeowners. The residential and commercial mortgages involved -- which are in default by 90 days or more -- totaled nearly $4 billion, Newsday found.

This is on top of the $6 billion drop in home sales dollar volume that Newsday reported earlier this fall. While the numbers are not directly comparable, together they represent one indicator of the breadth of the housing collapse's impact here.

5 comments:

Taxpayer said...

Recall that during the 1970s, when Grumman and a slew of other airplane builders and parts suppliers, and all the connected and dependent businesses folded, the laid-off home-owning employees packed up and abandoned homes mid-mortgage.

Does anyone remember how long it was before Long Island recovered from that calamity?

Anonymous said...

90% due to the greedy banks. Banks gave out mortgages to people working in McDonalds, Illegal’s, anybody with no checks verification. They were more interested in the commissions.
Bill Clintons “Chicken in Every Pot” theory removed all the safety and checks then add NAFTA.
Clinton killed this country over 10 years ago

Anonymous said...

Long Island has never recovered

Lino sometimes in Queens said...

"Clinton killed this country over 10 years ago"

What garbage. You are probably one of those dittoheads that goes around parroting "liberalism is a mental disease".

Greed, bigotry and mean spirited attitude are the real diseases. Your mentor "W" cultivated this present mess.

Anonymous said...

Plenty of blame to go around for this mess: ignorant borrowers, greedy lenders, Clinton, W., Greenspan, Reuben, Democratic and GOP Congresses.

Enough with the fingerpointing and focus instead on what's being done to mitigate the effects of this disaster and how it'll affect Queens.