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Foreclosure Crisis On Long Island Continues

In the spring of 2012, more mortgages on Long Island were “underwater” than in the spring of 2011. In Nassau and Suffolk counties, 48,546 homeowners owed more on their mortgage then their homes were worth. This amounted to 9% of all the homeowners on Long Island. This number is up 8.4% from of the prior year.

Troubled Homeowners

Peter Elkowitz, the president and chief executive of the non-profit Long Island Housing partnership, stated “we see a lot of people coming in [to the Long Island Housing Authority] whose mortgages are definitely underwater, who need assistance.” ¬†Although the percentage of homes under water is increasing, it is still less than the national average. In the United States, approximately, 10.8 million homeowners find their mortgages to be under water. This represents 22.3% of all homeowners that have mortgages.

Will Homeowners Recover?

If you own a single family home, and its value has decreased by 50 to 70% from the top of the market, it is unlikely the value of your home will recover in the near future to the point where the mortgage is no longer under water.

Employment And The National Economy

The solution to declining real estate values relates to the overall picture of the American economy. When the economy picks up, the allure of owning a single family home will increase again. This will cause home values to increase and the over supply of homes on the market will decrease. Until this happens, most homeowners on Long Island will find their most valuable asset not to be the investment they dreamed it was.

About The Author

Elliot S. Schlissel, Esq. is an attorney with more than 34 years of legal experience representing individuals and families concerning mortgage issues, real estate issues and foreclosure defense matters.

Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick, Bellmore

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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