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For the second year in a row, nationally, more than a million foreclosures are expected. Long Island has not been spared from these devastating loses which were triggered by unregulated and irresponsible banking practices. Nassau County ranks second in the state in new foreclosure activity. Suffolk County ranks third. Even though the subprime loan crisis has peaked, we are still seeing increasing numbers of foreclosures. The latest round of foreclosures has spread to prime mortgages with the principal reason for default being a loss of a job or income. Economists predict that the very high number of foreclosures on Long Island will not likely subside until we see a significant improvement in the economy.
The impact of foreclosures is devastating to individuals, families, and communities. For the community, foreclosures depress home values and cause the flight of local businesses and manufacturers. The rise of foreclosures in a community is also proven to increase the likelihood of violent crime and homelessness. Communities with a high minority and low-income population have suffered the brunt of the housing fallout with defaults occurring three times as often.
Read John R. Durso’s op-ed in the Long Island Business News, “The foreclosure crisis is still growing” addressing the serious problem confronting our members.
If you or someone you know is facing foreclosure, local assistance programs are available to help keep you in your home. Visit Long Island Housing Partnership, Inc. and Community Housing Innovations, Inc.