LI FORECLOSURE SALES DIVE
Maura McDermott reports in a recent Newsday article that foreclosures on Long Island have plummeted. According to a just released report, foreclosure sales in Suffolk County are down by 49 percent and in Nassau County, they're down by 32 percent. This is compared to the same period of time in 2011.
The reason appears to be because of how difficult and time consuming it has become for banks to seize homes. Short sales, loan modifications and refinancings are alternatives according to the V.P. of the firm that compiled the report.
The owner of Cruse Real Estate in Seaford (foreclosure specialists) explains that some banks have been paying incentives to homeowners who agree to short sales ranging from $2,500 to $25,000.
They're making the foreclosure sale a last resort.
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ABOUT THE AUTHOR: Graduate REALTOR Institute
Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
Specializing in Lifecycle Real Estate Transitions
©Jill Sackler 2010