|The full year numbers for foreclosure filings (Lis Pendens) are in. The table below shows the figures for the past 5 years.|
|The seemingly large jump between 2008 and 2009 is not a true indication of the year to year increase. As we have been reporting, there was a 4 month period at the end of 2008 in which there were very few new Lis Pendens filings, due to a new state law. The trend chart below presents a better picture of the growth rate of filings, which has been an increase of approximately 260 filings per month, every month.|
|These numbers vary dramatically from the recently released numbers from RealtyTrac. Their numbers refer to “some sort of foreclosure-related filing” and they quote the numbers as shown in the table below. In an effort to make a valid comparison, our numbers below show the homes that received Lis Pendens notices plus the homes that were ultimately lost by the homeowners due to the foreclosure action. It is obvious that there is something missing in the RealtyTrac counts.|
We are constantly amazed at how the RealtyTrac numbers are so consistently far away from the real numbers.
Our numbers are meticulously collected from the public records of Nassau and Suffolk counties, and they are screened for accuracy and appropriateness. Why would the RealtyTrac numbers be so far off?
Recently, RealtyTrac was questioned about the large difference between our numbers and theirs. A spokesman replied that it could be because they collect the data only once a month, and they never report a Lis Pendens that has been reported in the past year.
We do not understand how either of those responses could be the cause of such dramatic differences. We also do not report filings that we have reported already, and the number of repeated filings represents less than 0.5% of the totals.
Although we have no knowledge of the accuracy of the rest of RealtyTrac’s numbers, it is certain that they do not correctly represent the Long Island picture.
Below are the charts showing the monthly Lis Pendens filings and trends for Nassau, Suffolk and Long Island.
|For complete information on Long Island Sales and Lis Pendens, visit
The Long Island Real Estate Report Stats/Trends area.