In 2010, Long Island’s economy grew slower then virtually all other areas in the state of New York. Buying power decreased in the year 2010.
Economic Growth In New York State is Uneven
The economic recovery is slowly affecting New York. Unfortunately, Nassau and Suffolk Counties on Long Island have the slowest rate of economic recovery of any region in New York.
Controller Thomas DiNapoli recently stated, “our economic recovery is headed in the right direction, but the road out of the recession is still winding and potentially periless.” The Gross Metropolitan Product on Long Island shrank 4.5% last year. This is the largest level of shrinkage in New York state. The second largest level of shrinkage took place in New York City, which was a 4.4% drop.
Wall Street Affects Long Island
The economic impact of the financial difficulties on Wall Street had a greater impact in Nassau and Suffolk Counties than other areas of the state. Erick Sumberg, an aid to New York State Controller Thomas DeNapoli, stated, “the economic recovery of many communities on Long Island is heavily dependent on the strength of Wall Street.”
Long Island Real Estate
For there to be a complete economic recovery on Long Island, there must be an upward trend in the value of real estate. The ownership of a single family home is the most significant asset for most families. When a family’s largest asset is under water (worth less the amount of the mortgage), it has a chilling effect on the prosperity of the region. Hopefully, as we move into the summer of 2011, the value of homes on Long Island will start to increase!
My law office has been handling foreclosure defense for Long Islanders and families within the Metropolitan New York area for more than 45 years. We litigate issues involving defective mortgages, defective foreclosure lawsuits, predatory lending and real estate related issues. We attend foreclosure court conferences on behalf of our clients and we seek to put pressure for the foreclosing banks to enter into mortgage modifications with our clients.
We represent our clients in filing Chapter 7 bankruptcies and Chapter 13 bankruptcies with regard to stopping their homes from being sold in foreclosure. We meet with our clients during the initial consultation and discuss the foreclosure options available, whether they need mortgage modifications, litigating the foreclosure lawsuits and foreclosure related bankruptcy proceedings. Feel free to contact us for a free consultation. Thank you for visiting my foreclosure blog.
