There were fewer Bronx bank owned properties in the first three months of this year compared to REO homes in three other boroughs, as loan workouts intensified in the Bronx.
Foreclosure activity throughout New York City spiked by more than 16 percent in the first quarter, as delayed foreclosure actions in Queens and Brooklyn were completed.
In the first three months, Queens and Brooklyn accounted for over 73 percent of the 4,226 foreclosures posted across the city. Queens was responsible for 36.8 percent or a total of 1,556 filings while Brooklyn comprised 36.6 percent or a total of 1,546 filings.
Based on data from the New York University Furman Center for Real Estate and Urban Policy, Manhattan posted the lowest number of filings and the Bronx filed the second-lowest.
One factor for the lower number of Bronx bank owned properties is the loan workout program of Genworth Financial for distressed New York homeowners. For the year that ended March, Genworth rescued mortgages worth $152 million in New York State.
Six percent of these workouts were for Bronx homes, 5 percent were for Brooklyn, and one percent for Manhattan. New York was among the ten states with the biggest volume of mortgages saved.
Under the federal Home Affordable Modification Program, the number of bank owned properties in New York was also trimmed down. New York State was among the states with double-digit percentage of loan modifications in April, as reported by the Treasury Department.
Among metro areas, the New York-Northern New Jersey metro area ranked second in percent of loan modification efforts that prevented housing units from entering bank owned home listings.
Under the Genworth loan modification efforts, the average loan amount saved by each qualified borrower was a whopping $207,491. The bulk of the workouts were payment updating and the rest were short sales.
With Genworth supporting the HAMP scheme with its own loan modification efforts, the number of Bronx bank owned properties was contained over the past months.
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