Report: Wyandanch hardest hit by hous...

Report: Wyandanch hardest hit by housing crisis -- Newsday

There are 58 comments on the Newsday story from Mar 28, 2008, titled Report: Wyandanch hardest hit by housing crisis -- Newsday. In it, Newsday reports that:

As the housing crisis continues to ripple across Long Island, it is hitting certain communities far harder than others, according to a report released Friday by the Empire Justice Center, a nonprofit advocacy ...

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Watch Out Buyer

Springfield, VA

#42 Mar 29, 2008
100% of foreclosures are approved loans-meaning, mortgage companies or banks were the ones saying- we don't need to verify your income, oh sure, you can afford this house, don't need any down payment. You're APPROVED. These people wanted homes, the American dream and they have been misled. Not just happening on LI.

Since: Jan 07

Redmond, WA

#43 Mar 29, 2008
I once lived in Wyandanch it was very nice community until it became a Welfare dumping ground;a haven for illegal aliens and a way station for bottom feeders in the community such as the prosties'drug dealers and all the other low lifes.
q43MAN

Bronx, NY

#45 Mar 29, 2008
I am a real estate agent and my main area is Center Moriches, Manorville, Moriches, East Moriches. There are alot of homes in these areas that are either in foreclosure or Lis. When you look at the mortgages left and the ages of the homes, you see that most of the families were able to buy 650K and up. But they couldn't keep the payments up once they balloned. Most of the BANK OWNED homes in Manorville are less than 4 years old.

People from all walks of life are getting caught in this mess. Also, if you look at the names and addresses of homeowners in Wyandanch, Mastic Beach, Selden, and Brentwood, you'll see that alot of the owners don't live there. In Wyandanch alone there are over 70 homes in a square mile area that are owned by people with a Smithtown address. Most of them were investment properties that the owners let go when they could no longer afford the mortgages. Some owe the exact amount they bought the homes for, which means they bought the homes and never paid the mortgage, but did collect the rent.

You will see a spike in foreclosures in Brentwood when Entenmanns is gone. Many homeowners in Brentwood worked there. This will be similar to the high rate of foreclosures that took place on Long Island when Grumman closed.
not again

Great Neck, NY

#46 Mar 30, 2008
left LI wrote:
(my server says Staten Island) that is not were I am. I doubled my salary and got 4 acres, lakeside, 4 bedrooms, 3 baths, cherry floors 22 yr old house, great schools, friendly people, less then $300k. If you just have to live on LI you will pay for it. Enjoy the trash, and everything that comes with it. The best choice I ever made in my life, leaving Long Getto Island.
I agree with you I will be moving to pa. soon if I can still get some equity out of my house because our local century 21 real estate office here in westbury is selling house's so cheap about 315,000-350,000 so they can sell them quicker so they get their commission and don't care what they do to your true house value the to get out is now!!!
hmmmmmm

Bronx, NY

#47 Mar 30, 2008
Nick West Islip wrote:
I can't believe there are so many people that were stupid enough to fall for those mortgages. Where were the lawyers at the closings? Don't people know how to read? Do you know what the "A" in ARM is? Now the people like me who have a low FIXED rate and know how to manage my money have to first watch my home value drop, then have to use my tax dollars for the government to try to help these idiots. If you weren't smart enough to know what you were getting yourselves into, then you shouln't own a home. GO RENT, and ROT!
So let's have the government artificially prop up the value of your investment by bailing out all these fools - no thanks.
hmmmmmm

Bronx, NY

#48 Mar 30, 2008
KirkHere wrote:
We are advised this morning that our Governor and State Legislature ARE ONCE AGAIN GOING TO HIT US WITH HIGHER TAXES!
IN A TYPICAL "SMOKE AND MIRRORS" MANUVER the legislature and the Governor proposed a new budget that "DOES NOT INCREASE TAXES!"
WHAT THEY FORGOT TO MENTION IS THEY HAD TO CLOSE A 5 BILLION DOLLAR BUDGET DEFICIT SO THEY INCREASED SPENDING 5%?
How did they do it?
They are passing the cost of Social Services (Welfare) down to the county level! The final destination of "Trickle Down" ecconomics. Exactly what Bush and the Congress did in Bush's first term. They passed the cost of Social Services down to the State level causing an increase in State taxes. Now the State is passing it down to the LOCAL LEVEL and both Suozzi and Levy are advising this will cause a large increase in local PROPERTY TAXES!
We have 12000+ families facing foreclosure and they are PASSING THE COST OF SOCIAL SERVICES DOWN TO THE LOCAL LEVEL.
So add the rising costs of Social Services to the cost of gasolione, home heating oil, food, LIPA and this years new school budgets.
OUR POLITCIANS CALL THIS "BEING ON THE CUSP OF A POSSIBLE RECESSION?"
96% of Amercan homeowners are paying their mortgages and bills on time. G.W.Bush has decided to do an about face and is proposing funding a mortgage bailout for the 4% of Americans not paying their bills. He is proposing people facing foreclosure have their homes devalued to a point that they again become affordable. Bush wants the federally bailed out banks to refinance them at this lower valuation. THAT MY FRIENDS IS A REPEAT OF A NO MONEY DOWN MORTGAGE. However as the banks establish new values for these foreclosed homes at values between 10% to 35%(depending what state you living in) the values of all the homes in this country will also drop. Florida is the best example of this. i.e. You bought a home in Florida for $300,000. So did your neighbor. You paid your bills your neighbor didn't. Bush wants the banks to re-value your neighbors home at a 35% loss (in Florida) and give your neighbor a new mortgae at $195,000. WELL GUESS WHAT JUST HAPPENED TO THE VALUE OF "YOUR" $300,000 HOME!
IT IS ESTIMATED THAT LONG ISLAND HOMES WILL NEED TO BE DEVALUED AT BETWEEN 10% AND 15% FOR BUSH'S PLAN TO WORK IN NEW YORK.
They can describe this redistribution of wealth anyway they want but what G.W. Bush and Congress are proposing is the largest TAX HIKE in American History. A one shot 10% to 15% tax increase on every Long Island homeowner by taking away your equity. A 35% TAX INCREASE on residents of Florida. WAKE UP AMERICA! Our government is continuing to sell off this nation's assets both directly and by DE-VALUATION of property. Foreign investors must be salivating that he cost of American homes is going to plummet at the same time the Amercian dollar is de-valued. We call this setting the stage for a giant liqudation sale! But for who?
For the correct answer see palns for:
Comprehensive Immigrastion Reform and the need for Workforce Housing.
I am totally opposed to the revaluation plan put forth however, the valuation of your home is a mirage which was created by the this mess. The government isn't protecting my investments from the dreg speculators and other c r a p heads on Wall Street so let your house value fall as it may. Too bad, so sad.
q43MAN

Bronx, NY

#49 Mar 30, 2008
not again wrote:
<quoted text>I agree with you I will be moving to pa. soon if I can still get some equity out of my house because our local century 21 real estate office here in westbury is selling house's so cheap about 315,000-350,000 so they can sell them quicker so they get their commission and don't care what they do to your true house value the to get out is now!!!
Sorry to burst your bubble but, Real Estate professionals don't set the prices, the sellers do. We only tell you what your home will sell for in the current market. Everyone has a dollar amount they think their home is worth, but if you have a 4 bdrm, 2 bth home, it doesn't matter if you have a swimming pool, deck, crown moulding etc., your house will be compared to other 4bdrm 2 bth homes in your area and can only sell for what they are selling for. If there are 5 bank owned homes in your area that are selling for $315,000-$350,000 no one will even look at your home that is priced at $450,000. So your home will sit on the market because it is overpriced and the Real Estate professional gets blamed for it not selling.
Hey Rev

Elizabeth, NJ

#50 Mar 30, 2008
Bacon,Talbot,Wilson and Roberts will buy up a few of these homes bilked from the taxpayers.Just like the tire store on LI Ave.....ain't that right Rev?
not again

Westbury, NY

#51 Mar 30, 2008
q43MAN wrote:
<quoted text>
Sorry to burst your bubble but, Real Estate professionals don't set the prices, the sellers do. We only tell you what your home will sell for in the current market. Everyone has a dollar amount they think their home is worth, but if you have a 4 bdrm, 2 bth home, it doesn't matter if you have a swimming pool, deck, crown moulding etc., your house will be compared to other 4bdrm 2 bth homes in your area and can only sell for what they are selling for. If there are 5 bank owned homes in your area that are selling for $315,000-$350,000 no one will even look at your home that is priced at $450,000. So your home will sit on the market because it is overpriced and the Real Estate professional gets blamed for it not selling.
you must be a real estate agent yourself? century21 buys foreclose rs or poorly maintained houses then sells them below market value just to get their commission and also puts the fear into people to sell now before it's too late.they think. let me ask you this why do house's in east meadow sell for 100,000 more than westbury when they both share the same school district east meadow and they are both located south of old country rd.Is it because this crooked real estate century 21 on old country rd. doesn't deal with east meadow?
Unacceptable

Lindenhurst, NY

#52 Mar 30, 2008
not again wrote:
<quoted text>I agree with you I will be moving to pa. soon if I can still get some equity out of my house because our local century 21 real estate office here in westbury is selling house's so cheap about 315,000-350,000 so they can sell them quicker so they get their commission and don't care what they do to your true house value the to get out is now!!!
it's the seller that makes the final decsion to sell at the lower price...they obviously, can afford this, and really don't care about the market value of the remaining homes in their area..you have to see who is selling, if they have been in the house more than 30yrs., they are probably moving down to their vacation home down in Fla.

pgl

Since: Mar 07

Bronx, NY

#53 Mar 30, 2008
LIAM wrote:
Shocked these lovely little towns were on the list. How didnt Brentwood join the bunch?
Illegals have 14 bread winners per house unlike us legal Americans!!!
how sad so sad

Detroit, MI

#54 Mar 30, 2008
News Flash wrote:
Community reinvestment act dates back to 1977, and would predate Clinton by 15 years.
But its sooooo easy to blame the Clintons. Its just the re-puke-agains.
q43MAN

Bronx, NY

#55 Mar 30, 2008
not again wrote:
<quoted text>you must be a real estate agent yourself? century21 buys foreclose rs or poorly maintained houses then sells them below market value just to get their commission and also puts the fear into people to sell now before it's too late.they think. let me ask you this why do house's in east meadow sell for 100,000 more than westbury when they both share the same school district east meadow and they are both located south of old country rd.Is it because this crooked real estate century 21 on old country rd. doesn't deal with east meadow?
I established in an earlier post that I AM a real estate agent in the Manorville, Moriches, E. Moriches area. I'm a little confused by this post. How do you buy a home that is bank owned and sell it below market. You lose money! As I said in an earlier post, most of the homes foreclosed on have been occupied for less than 5 years and many have more than 98 percent of the mortgage left. Banks are not selling these homes at the discount most people believe. THE BANKS ARE NOT LOSING MONEY! When clients choose homes that are Short Sales or worse yet, BANK OWNED, many times banks agree to no less than 95% of the outstanding mortgage. Not much of a savings when 485k was owed on a 500k mortgage.

I do see a trend that should concern everyone though. Since many banks have numerous homes in an area, they are selling them in groups of 10. This shuts out the individual homebuyer and leaves it open to large investment groups that can afford to sit on the properties. If a real estate agency in your area is doing this then they are not selling the homes as you stated.

I'm not taking up for any group bringing down property values but the STOCK MARKET and the REAL ESTATE MARKET are the same. BUY LOW, SELL HIGH. Many of the complaints heard here are from those that waited to long to cash out on their real estate investment. All the agents in our area are mortified when we do market analysis for these types of people. Those that have owned their homes for more than 15 years. These folks purchased at the bottom of the market, and expect to get what a neighboring home sold for 5 years ago. There are many examples out here where homes were purchased in the mid 90's for the less than 100k, and the owners may have refinanced once and owe about 100k to 150k. Now they want to sell for 4 to 5 times what they owe and are angry because they can no longer get 550k for the homes. If you waited too long to sell it's not the real estate professionals fault.
youlove2hate

Bellmore, NY

#56 Dec 19, 2008
It was your ancestors that bought us out here now you want to ship us back redneck please get a life.
PETE wrote:
ONE MORE THING, FARMINGVILLE, THE LAND OF THE ILLEGAL, OH NO, THATS RIGHT, DAY LABORERS..WHAT A F...ING JOKE..ANOTHER HOLE IN LONG ISLAND...THEY MAKE THE REST OF US ISLANDERS LOOK LIKE CRAP...SHIP THEM OUT, DO WHATEVER...

“What Happened to Democracy?”

Since: May 08

Bronx

#57 Dec 29, 2008
q43MAN wrote:
<quoted text>
I established in an earlier post that I AM a real estate agent in the Manorville, Moriches, E. Moriches area. I'm a little confused by this post. How do you buy a home that is bank owned and sell it below market. You lose money! As I said in an earlier post, most of the homes foreclosed on have been occupied for less than 5 years and many have more than 98 percent of the mortgage left. Banks are not selling these homes at the discount most people believe. THE BANKS ARE NOT LOSING MONEY! When clients choose homes that are Short Sales or worse yet, BANK OWNED, many times banks agree to no less than 95% of the outstanding mortgage. Not much of a savings when 485k was owed on a 500k mortgage.
I do see a trend that should concern everyone though. Since many banks have numerous homes in an area, they are selling them in groups of 10. This shuts out the individual homebuyer and leaves it open to large investment groups that can afford to sit on the properties. If a real estate agency in your area is doing this then they are not selling the homes as you stated.
I'm not taking up for any group bringing down property values but the STOCK MARKET and the REAL ESTATE MARKET are the same. BUY LOW, SELL HIGH. Many of the complaints heard here are from those that waited to long to cash out on their real estate investment. All the agents in our area are mortified when we do market analysis for these types of people. Those that have owned their homes for more than 15 years. These folks purchased at the bottom of the market, and expect to get what a neighboring home sold for 5 years ago. There are many examples out here where homes were purchased in the mid 90's for the less than 100k, and the owners may have refinanced once and owe about 100k to 150k. Now they want to sell for 4 to 5 times what they owe and are angry because they can no longer get 550k for the homes. If you waited too long to sell it's not the real estate professionals fault.
The trend you refer to regarding investment groups purchasing houses in blocks should be carefully scrutinized by all homeowners in their respected areas. This trend can cause a shift in low income housing from one area to another in the very near future, further enhancing the probability of lower housing values in your respected area. This trend could become a springboard for disaster, for homeowners, not the investment firms, and should be reviewed by each township to see where this seems to be occuring most frequently.
JONES

Brooklyn, NY

#58 Feb 3, 2009
MAKE IT A STATE PARK
frank

Brooklyn, NY

#59 Feb 3, 2009
i feel for those people

“What Happened to Democracy?”

Since: May 08

Bronx

#60 Feb 4, 2009
The two largest local real estate companies in the Tri-Hamlet area are the primary driving force in not only maintaining but escalating affordable housing in this area. These real estate owners require close scrutiny by all the residents. We need to find out how close their affiliation is with local legislators and councilmen elected by the people for the sole purpose of serving the COMNSTITUENTS interest, not the real estate companies interest's.
Maybe we can start by finding out who the primary dona tor's are during the election process. This type of information will assist the voters and show just who in fact is to blame for this growing problem.

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