The Foreclosure Situation In New York
Although it took a bit longer than in the rest of the country, the ominous cloud of sub-prime defaults is casting its shadow over the Empire State.
The state registered an increase in the number of New York foreclosure properties of over twenty-two percent from July 2006 - July 2007. And it seems that no place was spared. In Queens for example, the number of New York foreclosure listings rose 126 percent in a single month. And the troubling thing isn't the hardest hit of the five boroughs, that distinction belongs to Staten Island which got hammered with a 184 percent increase in the number of New York foreclosure listings in the previous twelve months. All in all, the five boroughs showed an increase of 55 percent in New York foreclosure listings over the past year.
The news coming from the rest of the state is rather mixed, but three New York counties showed increases of over thirty percent with Nassau Country leading the pack at 82 percent.
The source of all this trouble here is the same as it is across the country. When the sub-prime market was at the height of its popularity it handed out home loans at lower interest rates which jumped dramatically after reaching their reset periods. The homeowners that were lured in with the prospect of lower monthly payments during the early part of the loan now found themselves unable to pay their bills, and there were few options available in order to avoid New York foreclosure.
For those homeowners who are looking for help to stop their New York foreclosure, there is assistance available through legitimate New York foreclosure prevention services.
In the long run the situation on the New York foreclosure market appears to be somewhat better than most other states. The real estate market is still resilient, and homeowners know a lot more about foreclosures, and they are also protected by borrower-friendly real laws.