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Job Gains Great for Bronx Foreclosure Investing

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By : John Cutts    99 or more times read
Job gains and mortgage default declines are great developments for people engaged in Bronx foreclosure investing.

In April, the New York City unemployment rate dropped from 10 percent in March to 9.8 percent, the fourth straight month that the jobless rate declined and the first time it fell below 10 percent since July 2009.

A total of 15,700 jobs were added by employers in April, based on figures from the state Department of Labor. Construction firms created 2,600 jobs; retail businesses added 1,400 jobs; and law firms put 1,300 more people into the working world. The securities industry also contributed 500 jobs.

All in all, the city gained 53,500 jobs over the year and the net job loss has decreased from 184,500 in December to 131,000 in April. Although economists stated that the city still needs about 400,000 jobs to bring employment to levels before the recession, officials are encouraged by the increase in jobs and are hopeful for continued recovery.

Another positive development is the decline in foreclosure filings in the Bronx and in most other parts of the city. In April, Bronx was no longer the leading borough on foreclosure charts; it was overtaken by Queens, which posted the highest number of foreclosure notices.

In the entire New York City, foreclosure activity has slowed down. The number of foreclosure notices dropped to a total of 1,538, a sharp fall of 21 percent from April last year and a drop of 2.5 percent from the previous month.

Nonetheless, for people interested or already in Bronx foreclosure investing, there are still a lot of real estate foreclosed homes for sale that can be bought and resold at good profits.

Despite faring far better than other cities from the effects of the recession, New York City still has a lot of homeowners who were not able to save their homes, especially in Bronx neighborhoods where toxic loans were provided and where mortgage fraudsters focused their operations.

The collapse of financial institutions in the early months of the housing crisis also triggered a wave that affected not only the jobs of those in the higher strata of society but also of people in entry-level jobs.

In these neighborhoods, cheap homes in New York can be found. Investors just need to be smart in using their social and business networks to access these homes and need to be persistent in exploring listings.

Other factors that contribute to the profit prospects of real estate investors are programs that improve neighborhoods in the Bronx and in other parts of the city. Recently, the state Housing Finance Agency has again granted $27 million in funds to improve affordable housing in the city.

It partnered with Affordable Housing Corporation for the construction or renovation of 670 units of affordable housing in New York City and other parts of the state.

Affordable housing programs, neighborhood stabilization schemes and employment initiatives are all great for people in Bronx foreclosure investing as these programs preserve property values and sustain sources that enable people to buy homes from investors.

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