Ten percent (10%) of all homes with mortgages on Long Island, New York are under water. This is an increase of three percent (3%) over the prior twelve (12) months. In the rest of the Country, the number of homes under water has been decreasing. Unfortunately, this is not the case on Long Island.
Superstorm Sandy
Superstorm Sandy, which hit Long Island on October 29, 2012, was a significant contributor to the rise in negative equity in homes on Long Island. It is estimated approximately 60,000 homes were damaged on Long Island by Superstorm Sandy. The impact of Superstorm Sandy on homes being under water on Long Island will continue to be felt when the ninety (90) day moratorium on mortgage payments expires.
Although the real estate market is improving in many areas of the United States it is not improving on Long Island.
About the Author
Elliot S. Schlissel, Esq. and his associates have been representing families throughout the metropolitan New York area for more than 45 years on issues concerning foreclosure, fraudulent mortgages, bad lending practices and other real estate related matters. The law firm offers free consultations to prospective clients.
