Tom McGiveron has a new post up on foreclosure statistics in Nassau and Suffolk from RealtyTrac. RealtyTrac doesn’t have the best reputation for accuracy, but even still there’s bad new all around Suffolk county.
The big shock, 34 homes in foreclosure right here in Babylon. That may not seem like a lot. Looking at the numbers, there are 176 homes in foreclosure in Tom’s backyard of Deer Park.
But Babylon isn’t Deer Park. Not only is it smaller, it’s a much more upscale and exclusive community. There are no real bad or undesirable parts of Babylon. I’d guess that there’s not a lot of sub-prime lending here. The next time a Realtor tells you that Babylon is “holding it’s value”, tell them about the 34 foreclosures.
As for me, I’m waiting for the REOs that should be showing up in the spring. Until then, I’ll be hiding under my desk.
Photo by Flickr user Respres used under a Creative Commons license