August 17th, 2009 - Long Island Foreclosures: Long Island Hardest Hit

I have been plugging away in the past month about Long Island foreclosures. The recent article in Newsday entitled, Mortgage Defaults on LI Among Worst In State puts things in perspective.

What’s happening is astounding and I really believe that homeowners have no idea what’s in store down the road. The main “theme” of my content for homeowners is, if you want to or need to sell, now is the time. I know this is like a dull drum beat for those of you who frequent my website, but it’s just the truth.

But it’s the truth that I don’t think homeowners are hearing. I know many different people who really need to sell. They want to move on in their lives but just “can’t give their home away.”

It’s not about “giving it away.” This real estate market from 2002 through 2006, helped people acrue an unbelievable amount of equity in their home. And while it’s hard to swallow a 30% reduction in that equity, it’s better than the alternative (losing another 20% over the next 12 to 18 months).

Read the rest - CLICK HERE.

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