Good News/Bad News on the foreclosure filing front

October 6, 2009 | by The Long Island Real Estate Report |

First – the bad news -

As predicted, the 3rd quarter number of foreclosure filings (Lis Pendens) on Long Island has already surpassed the record set in the 2nd quarter with 8% of the filing periods still unrecorded.

We forecasted that the number could be greater than 5,600. It will definitely exceed that.
 
Lis Pendens Filings
Location 2009 Q1 2009 Q2 2009 Q3
Nassau County 1,233 1,853 2,067
Suffolk County 2,079 2,951 3,483
Long Island 3,312 4,804 5,550

Now – the good news -

As we last reported, the increased Lis Pendens activity was centered on a few lenders.

Particularly:

   BAC Home Loan Services (formerly Countrywide).

   JPMorgan Chase (including Washington Mutual).

   OneWest Bank (formerly IndyMac).

These 3 lenders combined have averaged 135 filings per week for the past 10 weeks, as opposed to 42 filings per week for the previous 80 weeks (since 1/1/2008).

Preliminary 4th quarter information is indicating that this filing barrage may be over.

Average Weekly Lis Pendens Filings
(Since 1/1/2008)
Lender 1st 80 Weeks Last 10 Weeks Preliminary Q4
First Week
BAC Home Loans 13 45 15
OneWest Bank 14 70 12
JPMorgan Chase 15 20 7
Total 42 135 13
For complete information on Long Island Sales and Lis Pendens, visit

The Long Island Real Estate Report Stats/Trends area.