Foreclosure filings up on Long Island
Thursday October 15, 2009 2:34 PM By Ellen Yan

RealtyTrac, an online market for foreclosure sales, has released September numbers showing a 224 percent hike in foreclosure-related filings for Nassau compared to a year ago and a 167 percent increase for Suffolk.

Expect more triple-digit percentage increases in the next few months but don’t think the world is ending.

September of last year is when a new state law kicked in requiring lenders to give subprime borrowers a three-month notice before starting a foreclosure case. That means the number of new cases went down drastically last year in September, October and November before starting to soar up again.

For example, Nassau had 188 new cases in September 2008, but it had 622 new cases last month – the number that fueled the county’s triple-digit increase in foreclosure-related filings, which include auction notices and bank repossessions.

Nice try NYC10013.
Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.
Sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August, the National Association of Realtors said Friday.
That pace was the strongest in two years and beat Wall Street forecasts. Sales had been expected to rise to an annual rate of 5.35 million, according to economists surveyed by Thomson Reuters.
"There's a mini-boom going on in the housing market," said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.

OK, dumbasss. 1) WTF do national sales numbers have to do with long island foreclosures. 2) I heard a nasty rumor that the tax credit will run out at some point (ie not be available in perpetuity) and mortgage rates will increase. I know, crazy.

Yes, Tribeca shit-heel, 1) National sales numbers are, in fact, key to the nationwide recovery; 2)the tax credit will be renewed and 3) an increase in mortgage rates will have people trying to get in at the lowest rates. 4) Afterthought: why do you need to post here: isn't sunning yourself by the Canal Street sludge waterfront good enough for you to dream about?

1) You got that one right.

2) It will be renewed for maybe another six months. Maybe you failed out of third grade math but six months isn't perpetuity. Tough concept but you'll grasp it one day little grasshopper.

3) Only a fucking moron would rush to buy at the lowest rate - you buy when rates can actually decline, not when they can only go up.

4) One day you'll be able to afford Tribeca. Until then, go try to convince some poor slob to buy today so the broker whose ass you wax can clip a commission check and give you 1% of it.

Interesting data, to some: we've been watching carefully the so-called "bottom" of the Hamptons market, as provided by any # of large real estate companies. Here's where a question lies, or at least, pause created due to REALITY: for the 3rd quarter in Southampton, there were 196 sales reported. Same quarter, Southampton: 156 lis pendens (preforeclosure actions recorded). For East Hampton:
84 sales reported, with 77 lis pendens filed, as reported on the LI Real Estate Report.
To call a bottom, or suggest nothing but stability is bordering on irresponsible, until those that have been forced, or decided, to stop making mortgage payments at LEAST falls to 1/3 of homes closed. It's now as long as a six month lag of missed payments before recording is possible- this scenario of underwater property owners out there will likely create either additional short sales (in which the values may fall below previously reported closed pricing) or foreclosures- impacting the value of all properties nearby.
It isn't pretty, but there is a whole lot more to this market than the "WE'VE HIT BOTTOM!" rhetoric offered by too many that aren't viewing the whole picture. Buyers are SMART to be watchful and informed.

Brokers Relieved by Rosy Market Reports

By Kate Maier

(10/29/2009) Market reports from leading real estate agencies reflect a turnaround in the third quarter of 2009. Strong increases in luxury sales have bolstered median prices and the total sales volume in some areas of the East End.

Reports released by Corcoran, Prudential, Town and Country, and Suffolk Research Service all noted gains in sales volume and median prices in most areas and agreed that, on a quarter-to-quarter basis, there has certainly been significant improvement.