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Analysts Find Distressed Homes Are Not Such a Threat in New York

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By : John Cutts    99 or more times read
Although the problem of foreclosure is a significant one in New York, most analysts find distressed homes levels in the region as relatively low compared with other states in the U.S. They added that the documentation problems and the steps taken to address them will not impact the region as much as other areas that have been hit hard by the housing market crisis.

Housing market analysts stated that foreclosure listings in Bronx and in other key areas of the state are high enough to be of concern, but they are not in the same level as states like Nevada, Florida, Arizona and California. However, it does not mean that state authorities are not taking the necessary steps needed to address the paperwork and robo-signing problems that are also present in New York.

In an effort to make sure that New York foreclosure homes are not processed using faulty paperwork, the state's chief judge recently established a law that requires attorneys to reveal whether they have examined all the documents for a foreclosure under threat of perjury and that they have communicated directly with homeowners and the institutions handling the process.

Latest housing industry data find distressed homes and foreclosed property cases numbering around 80,000 in New York. These cases are pending in the state's courts and all of them, analysts have reported, are in need of new affidavits. Housing experts have stated that the documentation problem means that regions are facing backlogs in terms of foreclosure numbers.

The huge number of pending cases of foreclosure real estate is expected to negatively impact those regions that have been hit hardest by the housing industry crisis. In New York, housing experts believe that the problem is not as serious as, say, in Nevada or in Florida. They added that compared with these other states, New York's foreclosure numbers can actually be considered manageable.

In several local areas of New York, one can find distressed homes and foreclosures averaging by less than a hundred each month. Housing experts have cited Westchester County, which only has an average of 57 foreclosures monthly and Rockland, which averages 13 foreclosures every month, as examples.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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