Record Foreclosure Filings — Major National and Long Island News
Written by Craig D. Robins, Esq.
There were articles yesterday, both in Newsday and USA Today about how foreclosures were continuing to set records despite the Obama administration’s efforts to help borrowers.
Long Island Foreclosure Figures
In Suffolk County, for the first half of this year, one out of every 155 households was facing foreclosure, while one out of every 166 Nassau County households was facing foreclosure, according to data released by RealtyTrac.
This means that there were 3,512 Suffolk Foreclosures and 2,762 nassau foreclosures. This represents a 63.6% increase from last year.
National Foreclosure Figures
So far in 2009 there have been 1.9 million foreclosure filings in the first six months. This represents a 15% increase from last year, according to data from RealtyTrac.
June was the fourth consecutive month that nationwide foreclosure filings exceeded 300,000.
The Recession Continues
The staggering level of foreclosures is further evidence that the recession is continuing. Americans and Long Island consumers continue to be victims of job losses and cutbacks. Falling home values also continue to plague consumers.
It’s no wonder that we are seeing large increases in Chapter 13 bankruptcy filings by consumers to save homes from foreclosure.
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