Archive for the 'Foreclosures' Category

BofA Banks on Real Estate

Friday, March 23rd, 2012



Bank of America Legacy Asset Servicing Executive said, this pilot will help determine whether conversion from home ownership to rental is something our customers, the community and investors will support . Id like to take that one step further and commend BofA on ceasing the opportunity to not only allow homeowners to remain in their homes but help expedite the transfer of over leveraged properties in a civilized fashion with minimal pain & distress. Ultimately the investors who end up with this real property will realize significant gains in time.

Only 1000 homeowners will be invited by Bank of America to take advantage of this pilot program.. or foreclosure alternative. There is a specific list of criteria which includes but is not limited to the homes must be owner occupied, delinquent for a minimum of 60 days and several other qualifications. 



While there are some Debbie Downers out there writing about how home sales slipped in February it was a very slight slip to a seasonally adjusted 4.59 million according to the National Association of Realtors. Some say it was the mild winter, some say the stronger job figues, some say it was the return of the stock market, some say its just time buyers are tired of waitingI say it was the perfect stormin a good wayit was all those factors and more that has lead national stats as well as local stats on real estate transactions to the best winter since before the collapse. Here at T&C its our best winter EVER!





Tuesday, December 20th, 2011

AS THE HOUSING RECOVERY ACROSS LONG ISLAND TAKES A STRONG HOLD November's numbers confirm such. In Nassau county there were 257 foreclosure related filings – down 12.6% from October and down 3.4% from the prior year same month. In Suffolk the downward trend was even greater….the 141 filings were 30% fewer than October and a whopping 82.5% less than the prior year.

Here on Eastern end of Long Island foreclosures are a VERY small segment of our market, and always have been.

These stats were quoted from RealtyTrac, a California based foreclosure data provider. Filings include new cases, auction notices & repossessions.

RealtyTrac Misses the Mark

Thursday, March 24th, 2011

RealtyTrac continues to miss the mark on Long Island Foreclosure numbers.

The Lis Pendens filings have been dropping during the past several months, but a recent Newsday article quoted RealtyTrac’s February 2011 numbers as showing a 23% jump from a year earlier.
The actual Lis Pendens numbers from February 2010 and February 2011 show a 41% decrease in new filings.

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4th Quarter Foreclosure Closings Fall by 72%

Saturday, February 12th, 2011


The 2010 full year sales numbers show a dramatic decrease in Foreclosure Closings in the 4th Quarter of 2010.

Foreclosure Closings represent those properties that have been lost by the homeowner after going through the complete foreclosure cycle (Lis Pendens, Judgment of Foreclosure and Auction Sale).

The chart and table below show the figures for the past 5 years.



As the chart clearly shows, beginning at the end of 2006, Foreclosure Filings began a remarkably consistent rise over seven quarters, raising the quarterly rate by 330%. The count then leveled off for the next 9 quarters, averaging approximately 550 closings per quarter.

The 4th quarter of 2010 has recorded only 157, representing a 72% drop from the average of the past 9 quarters.

Many Foreclosure Closings are filed much later than they actually occur, but it is not likely that the late filings will significantly impact these numbers.


For complete information on Long Island Sales and Lis Pendens, visit

The Long Island Real Estate Report Stats/Trends area.