The issue of foreclosure is still a major priority in Queens, New York, with the area having some of the highest levels of bank and government foreclosed houses and handyman special homes for sale. Some local officials believe that a recovery, albeit a slow one, is possible and one of the major factors for an economic turnaround is the small business market.
The borough is considered a hotbed for foreclosures, with foreclosed homes in Queens, NY posting some of the highest statistics all over the country. However, state Senator Kirsten Gillibrand believes that there are still things that the state can do to address housing market-related problems.
According to her, she is currently involved in developing a legislation that will provide more funds to community banks to improve lending situations. The Senator stated that abandoned foreclosed homes in New York affect neighborhoods and contribute to increased crime rates.
She also stated that most people walk away from their residences because most of these foreclosure properties for sale are worth less than the money used to purchase them in the first place. She stated that state officials and legislators are focusing on efforts that would keep residents in their homes and prevent further increases in the number of abandoned dwellings.
The problem of handyman special homes for sale, bank foreclosures and other distressed properties will also not be solved unless employment rates attain a healthier level. Gillibrand reveals that she supports proposals to extend insurance benefits to the unemployed. She also asserts that the state needs to create more jobs, particularly in growth industries like biotechnology and energy.
The New York legislator has admitted that any form of recovery from the recession would take years to achieve, but she is optimistic that it could be done, particularly with the help of small businesses. The senator has asserted that small businesses will play a major role in the state's economic growth.
Although Queens and the rest of the state are still suffering from high numbers of foreclosed properties and handyman special homes for sale, most real estate analysts share Gillibrand's belief that the state can achieve housing market recovery and economic growth as long as it remains patient and works hard.
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