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Pre-Foreclosure Activity East End, Long Island

June 7th, 2009 category: East End LI Foreclosures, Real Estate News

This weeks report from the LI Real Estate Report was a bit of a jolt. Where we’ve come to expect pre-foreclosure / lis pendens numbers to be in the high teens/low 20’s weekly; the first five days of June demonstrate that as the market remains stagnant, home owners unable to make payments are rising. This week presented 31 lis pendens.

Bridgehampton, NY: 2
$850k; $500k*

East Hampton, NY: 4
$581,250.; $433k; $427k; $405k

East Quogue, NY: 1
$438,360k

Eastport, NY: 1
$800k

Flanders, NY: 1
$268k

Greenport, NY: 1
$340k

Jamesport, NY: 2
$387k; $367,5k

Montauk, NY: 1
$540k

North Haven, NY: 1
$1.3m

Riverhead, NY: 1
$385,840k

Sag Harbor, NY: 2
$1.84m; $890k

Sagaponack: 1
$457,5k

Southampton, NY: 5
$980k; $575k; $500k; $376k; $62k; $1.8m

Southold, NY: 1
$875k

Wading River: 2
$495k; $370,8k

Watermill: 1
$95k

Westhampton: 1
$474k

Westhampton Beach: 1
$664k

As it has been in the past, Southampton and East Hampton lead the pack, with 5 and 4 filings respectively.

*figures represent a balance that is sometimes without second mortgages/bank fees included

The LI Real Estate Report provided us with the following press release, pertaining to Long Island as a whole:

West Islip, New York, June 4, 2009

The number of weekly closings on private homes and condos on Long Island has fallen by 39.5% during the 28 month period beginning January 1, 2007. During the same period, the number of weekly foreclosure auction sales has risen by 161%.

In January 2007, the average number of closings per week was 643, as opposed to 389 in April 2009. The average number of foreclosure auction sales per week was 17, rising to 43 in April 2009.

Over 88% of the foreclosure homes were taken over by the holders of the mortgage, indicating that the amount due on the mortgage was greater than the value of the property.

For more information and details on the individual counties, visit
The Long Island Real Estate Report
at www.lirealestatereport.com.

Click on the individual graphs below (provided by the LI Real Esate Report) for a larger version.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

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