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Foreclosures ease as Suffolk still leads state.

Byline: David Winzelberg

The numbers of foreclosure filings and pending cases around the state continue to decline, according to a new report from Comptroller Tom DiNapoli's office.

While Suffolk County still has the highest foreclosure rate in the state, pending foreclosure cases in Suffolk have fallen by 41 percent since 2015. As of last summer, Suffolk had a foreclosure rate of 1.71 percent, which means its 9,783 pending foreclosure cases represent 1.71 percent of the county's total number of housing units.

Nassau County's pending foreclosure cases have dropped by 70 percent since 2015, falling from 11,766 in 2015 to 3,579 in July 2018. Nassau's foreclosure rate is .77 percent, the fifth largest in the state, behind Suffolk, Putnam, Rockland and Clinton counties.

New York City, which has an overall foreclosure rate of 44 percent, has seen declines since 2013, but the comptroller's report says other areas have taken longer to turn the corner. On Long Island, the caseload reached its peak in early 2016 and declined sharply thereafter.

Foreclosure cases still make up a significant share of the state's Supreme Court civil caseload, although the share is falling as new filings drop and pending cases are resolved. In 2013, foreclosure cases represented a third of the civil caseload, but by 2018, foreclosures accounted for less than one in five cases.

The comptroller's office says part of the reduction in the foreclosure caseload could be due to changes in the housing market and the broader economy. "Tighter lending standards have also decreased the likelihood of mortgage defaults, while increasing home values improve the likelihood that a homeowner can avoid foreclosure by selling the property," the report said.

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Publication:Long Island Business News
Date:Mar 11, 2019
Words:289
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