New York foreclosures have been giving New Yorkers sleepless nights! With over a third of the city’s population succumbing to foreclosure, experts believe that the foreclosures will come quick and thick in the next few months.
With 34% increase in the first quarter of 2008, New York is reeling under the tsunami of all types of foreclosures. Market analysts have been confident that the real estate market in New York will largely remain insulated from the after effects of the subprime and interest rate increase mess and the count of foreclosed houses in New York has remained lower than the country’s foreclosure rate, which has almost doubled over the past year alone.
With 34% increase in the first quarter of 2008, New York is reeling under the tsunami of all types of foreclosures. Market analysts have been confident that the real estate market in New York will largely remain insulated from the after effects of the subprime and interest rate increase mess and the count of foreclosed houses in New York has remained lower than the country’s foreclosure rate, which has almost doubled over the past year alone.
Unfortunately, the foreclosure process in New York is long and daunting and takes about a year for those homeowners who default on their payments, to lose their properties. This means that the data and statistics don’t reflect the actual foreclosures by state rate. The foreclosure rate could be more or even less than the reports suggest.
Worse is in store for the metropolitan area as homeowners and experts are expecting a significantly larger hike in ARM or adjustable rate mortgage loan rates. Homeowners are desperate to keep their homes but don’t know what they need to do in order to avoid bank foreclosures. In Brooklyn, there is one foreclosure per 241 homes and this is double the number of Brooklyn foreclosures from last year. But Brooklyn is not the only area in New York metropolitan area facing this crisis. Manhattan, Staten Island, and New York suburbs such as Westchester Country are all reporting an increase of 40-70% increase in foreclosure rates as compared to last year.
The NY metro area is ranked 80 on the top 100 regions list for areas most affected by foreclosure!
Worse is in store for the metropolitan area as homeowners and experts are expecting a significantly larger hike in ARM or adjustable rate mortgage loan rates. Homeowners are desperate to keep their homes but don’t know what they need to do in order to avoid bank foreclosures. In Brooklyn, there is one foreclosure per 241 homes and this is double the number of Brooklyn foreclosures from last year. But Brooklyn is not the only area in New York metropolitan area facing this crisis. Manhattan, Staten Island, and New York suburbs such as Westchester Country are all reporting an increase of 40-70% increase in foreclosure rates as compared to last year.
The NY metro area is ranked 80 on the top 100 regions list for areas most affected by foreclosure!
