Long Island Foreclosure Report Issued by PropertyShark.com; Long Island's Foreclosure Rate Per Household Twice as Large as New York City

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PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in Long Island (Suffolk County, Nassau County) for the second quarter of 2008. Long Island foreclosure number reached a one-year high in the second quarter of 2008 : There were 693 new auctions scheduled in the second quarter of 2008, 40% higher than in Q2 2007.

PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in Long Island (Suffolk County, Nassau County) for the second quarter of 2008.

Key Findings (Request report for details and charts):

  • Long Island foreclosures reached a one-year high in the second quarter of 2008 : There were 693 new auctions scheduled in the second quarter of 2008, 40% higher than in Q2 2007.
  • Suffolk County foreclosures increased at a greater rate than Nassau County : The number of Suffolk County foreclosures were 102% higher than in the same quarter last year, while Nassau County experienced a 14% increase over the same time period.
  • Long Island's foreclosure rate per household twice as large as New York City: The number of foreclosures per household reached 0.069% in Long Island in the second quarter of 2008, just shy of 0.072% rate in Queens and twice as big as in New York City (0.03%).
  • The Town of Hempstead had the highest rate of foreclosures per household in Long Island: One in every 833 households was scheduled for a foreclosure auction in the second quarter of 2008, double the previous quarter when only one in 1,666 households was scheduled for auction.

""It was shocking to see that the level of foreclosures in Long Island actually exceeded the number of foreclosures in Queens, the borough with the most foreclosure activity from New York City". stated Ashleigh Rose Clark, Data Acquisition Manager at PropertyShark.com

Nassau County Overview: The number of newly scheduled auctions in Nassau County rose 95% from the previous quarter(201) and 14% from Q2 2007 (346), setting a one-year high with 392 new foreclosures. Single family homes were the most common property types scheduled for an auction. The Town of Hempstead shows the most foreclosure activity with 291 new scheduled auctions in the second quarter of 2008, which represents 74% of Nassau's total number of new
foreclosures, followed distantly by the town of Oyster Bay with 52 foreclosures and the town of North Hempstead with 34
foreclosures.

Suffolk County Overview: There were 301 new foreclosure auctions scheduled in Suffolk County in Q2 2008, down 9% from the previous quarter (155), but up 102% from Q2 2007 (198). Brookhaven (152) had the highest number of foreclosures among the towns of Suffolk County, despite a 9% decrease from the previous quarter, followed by Islip (56) and Huntington (32). Hampton's foreclosures stayed at fairly low levels.

The full Long Island Q2 08 Foreclosure Report can be downloaded at http://www.propertyshark.com/mason/BlogCenter/marketreports.html.

Investors can browse current foreclosure listings on PropertyShark.com in the following areas:

  •     Long Island Foreclosures
  •     Los Angeles Foreclosures
  •     Miami Foreclosures
  •     New Jersey Foreclosures
  •     NYC Foreclosures
  •     Philadelphia Foreclosures
  •     San Francisco Foreclosures
  •     Seattle Foreclosures

Press may request a copy of the report by contacting Brian Scully at 718.408.4985.

With over 25 million properties in twenty major markets, PropertyShark.com provides real estate professionals and investors with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, available directly from the web. PropertyShark.com strives to level the playing field by offering independent real estate firms, investors, and savvy consumers the information transparency essential to evaluate real estate and make informed decisions. For more information go to: http://www.propertyshark.com

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