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Temporary freeze bring foreclosures to pre-crisis levels in Long Island and the Hamptons

The temporary foreclosure freeze had a massive effect on the number of properties scheduled for auction in the last month of 2010, and its effects will extend into 2011 as well. It has artificially brought down the number of scheduled auctions to pre-crisis levels.

Only 78 properties were scheduled for auction in December 2010 in Nassau County, down 69% over the same month in the previous year. The number is even lower than the value recorded four years ago in December 2006, before the foreclosure crisis had even begun. For January 2011, the count has already reached 117, down by more than 50% over the same month last year. Even though some listings are still expected to be filed for the month, the final number is not expected to be substantially higher.

The same trend has occurred in Suffolk County and the Hamptons. 86 properties were  scheduled for auction in December 2010 county-wide, and only five of these were in the Hamptons. That represents a 60% drop from the 214 properties that were scheduled for auction in December 2009 in all of Suffolk County.

Foreclosures Trend in Long Island
Foreclosures Trend in Long Island