Number of LI Foreclosed Homes Doubles Compared To September

The number of Long Island homes foreclosed last month jumped 437 percent over a year ago and doubled compared to September, a sign that lenders may be moving more aggressively to settle many older foreclosure cases, RealtyTrac said.

Nationwide in October, lenders took 21 percent more homes than a year ago but 9 percent fewer than in September, the report said.

RealtyTrac spokesman Daren Blomquist warned against taking the local monthly number too seriously, pointing out that such data often contain cases from past months due to lags in local recording of repossessions. “When you go to the local levels, you do see a lot of volatility in those numbers,” he noted.

There were 145 homes auctioned and taken by lenders last month, compared to 27 a year ago and 72 in September, said the California-based real estate data provider. Suffolk, where lower prices and more options drew many buyers during the boom, accounted for 140 of the lender repossessions.

via Number of LI foreclosed homes doubles compared to September.

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