LI FORECLOSURE SALES DIVE

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.

 

http://www.newsday.com/classifieds/real-estate/li-foreclosure-sales-dive-in-2nd-quarter-1.3937206

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ABOUT THE AUTHOR: Graduate REALTOR Institute 

Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
 
 

Sunny Isles, Fl 

 

  

     Specializing in Lifecycle Real Estate Transitions

"When your family doesn't fit your family home, I can help."
 
 
 
 
 
   
   

   

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Comment balloon 4 commentsJill Sackler • September 01 2012 08:07PM
LI FORECLOSURE SALES DIVE
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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… more
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