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Number of Foreclosed Residential Properties in New York Remained Low

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By : John Cutts    99 or more times read
The number of foreclosures, including foreclosed residential properties, remained low in New York for the January 2011 period. The region remained in the lower part of the nationwide ranking for the 50 U.S. states in terms of foreclosure rate.

The number of foreclosed homes in Queens Village and in most of the state's key areas did not rise to levels that are commonly seen in other big states like California and Nevada. Since the start of the housing market crisis, New York has been able to avoid the worst of it. Majority of analysts believe that the strong industries of the region are the main reasons, while others stated that the impact of the crisis has just been late in hitting New York.

Regardless of which argument is correct, foreclosed homes in New York remained minimal when compared with other states. In January 2011, the area was ranked 43rd out of the 50 U.S. states in terms of foreclosure rates. The region had a ratio of one household out of every 2,779 under some form of foreclosure last month. The rest of the year is expected to be much the same for the state of New York.

Nationwide, the number of foreclosed residential properties and foreclosure-related filings increased month-over-month, but declined on a yearly basis. Over 78,100 foreclosures were recorded in the whole U.S. in January, representing a 12% surge from December 2010. However, when compared with January 2010, the figure represented a drop of 11%.

According to housing industry analysts, the decline in foreclosure numbers was likely due to banks getting overwhelmed with the sheer number of properties that they need to process. They also stated that procedures involving a foreclosure home for sale have become more complicated as lenders start scrutinizing properties more thoroughly after the robo-signing controversy. Homeowners have also become more serious in fighting foreclosure cases filed against them by lenders, analysts have stated.

For the rest of 2011, foreclosed residential properties are expected to remain at high levels. Most analysts believe that stalled cases will re-enter the market this year. They also claimed that it is highly probable that foreclosure figures for the rest of 2011 will top last year's total.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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