One out of 2174 homes received foreclosure notice in New York Area as compared to the national average of one in 400 homes in the month of May.
The foreclosure notices filed in NY Area are 1541 in May which is 18.3% less than May 2009 and 2.7% less than April 2010. Brooklyn recorded 626 filing in May as compared to Queens which has the second most foreclosure activity with 368 filing. This is 48.4% less than during the same period last year and 31.9% less than previous month.
Foreclosure Status in Chicago Area
14095 homes received foreclosure notices in May in Chicago Area, an increase of 33.8% than previous year but down 19.6% than April. One out of every 350 homes is under foreclosure notice in Chicago. It has been ranked eight according to most number of foreclosures.
In Cook County and Illinois the rate of foreclosures in May was up as compared to same period last year but down as compared to April 2010.
Percentage of Foreclosures down in Phoenix Area
Foreclosures have dropped from 40% to 33% in May out of the total sale of homes.
But the foreclosures are going to rise in few months as there are a record number of late payments and defaults in payments.
Home owners walk away from their homes because their home value has dropped more than the value of mortgages they owe.
322,920 foreclosure filings were reported in May 2010 which is 3% less than previous month. Due to government foreclosure prevention schemes, there is improvement in foreclosure rates across the country.
The states with highest foreclosures are Nevada, Arizona, Florida, and California.
Brooklyn City Home Buyer Programs
Brooklyn city offers two programs for home buyers. The programs are called Renew and NSP Home Purchase Programs.
Homes which have been foreclosed due to non payment of mortgage amount and are noted as unoccupied properties can be purchased in these programs.
The Renew Home Purchase Program offers down payment facility and closing cost assistance as a loan or as a grant in terms of approved rehabilitation loan.
The NSP program is different than Renew Home Purchase Program as it has different qualifying criteria. It offers rehabilitation assistance and loans.
Thus the current state of foreclosures suggests that there is lesser number of foreclosure notices in May 2010 as compared to April 2010 but they are certainly more than the same period last year, which is May 2009. Various government foreclosure prevention schemes are the main reason behind the decline in number of foreclosures.