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Sheriff Foreclosure Sales and Housing Market Remain Unpredictable

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By : John Cutts    99 or more times read
Foreclosure activities in New York continue to go through a roller coaster ride, with Sheriff foreclosure sales, short sales and REO sales rising one moment and declining the next. The up and down pattern characterizes the foreclosure housing market of the state all through the first six months of 2010.

The story is the same all throughout the state, with New York City and other major areas all experiencing fluctuating numbers. In NYC, foreclosure rates rose by three percent when year-over-year statistics are used as basis. However, when compared with the last six months of 2009, the first half of 2010 showed New York City recording a 24% decline in foreclosure rates.

Meanwhile, statewide numbers showed that homes sold under New York foreclosure auctions and dwellings in various phases of foreclosures have increased during the first half of 2010 by 1.22% when compared with the same period of 2009. When compared with the last six months of 2009, the state recorded an almost 20% drop.

Home sales remain few in number despite the fact that bank repossessions continue to increase, particularly during the second quarter of the current year. Repossession recorded a 47% increase all over the state when year-over-year statistics are considered.

Sheriff foreclosure sales and other home-selling activities remain practically the same. One development that analysts are considering as good news is that the foreclosure rate of the whole state is the 10th lowest in the whole United States at 0.31%. National foreclosure rate is pegged at 1.28% during the first half of the year. Meanwhile, New York City foreclosure rate is even better during the same period at 0.29%.

Despite the low foreclosure rate at the first half of the year, certain areas of the state are recording rates that are higher than national averages. As an example, homes under Staten Island foreclosure auctions continue to be a problem, with the area registering a 1.49% increase in foreclosure when compared with country-wide numbers. South Jamaica, Lower Manhattan and Queens are also experiencing higher than usual foreclosure rates.

All in all, analysts reveal that Sheriff foreclosure sales and other home selling activities are still not enough to offset the number of foreclosures in the whole New York state. However, real estate experts are seeing some hope for a recovery if the state's first six months of 2010 performance is to be considered.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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