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New York foreclosures, NY, properties are now affordable

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By : Julie Thompson    99 or more times read
Instantly recognized as the commercial and financial center of America, as well as the world economies by the New York State Exchange, the State of New York was high in the minds of home buyers as expensive. It was true also that property prices in the New York City were ranked among the costliest cities of world. Even now, after the roll over of US Real Estate markets upside down by the foreclosure tornado, more than the New York City, there are hundreds of thousands of properties listed in New York foreclosures, NY from the suburban areas.

In contrast to the urban atmosphere and commercial activities, New York State is vastly filled by farms; forests; rivers; mountains; and lakes, which give a different proposition for living styles of people altogether. New York State borders on two great lakes – Erie and Ontario connected by the Niagara River; the provinces of Quebec and Ontario in Canada; Lake Champlain; and Rhode Island share a water border with New York State.

To distinguish New York City and its large Metropolitan Area from the rest of New York State, terms “Upstate” and “Downstate” are often used. So with the abundance of water resources including the Hudson River, the downstate is fertile for agricultural productions, which largely contribute to the State’s economy. Home buying and settling down in the suburbs of major towns and cities of New York State, other than New York City, is not that expensive, particularly so with the availability of innumerable properties listed under New York foreclosures, NY.

New York State is the 3rd largest in the United States by population – 19.49 millions as per 2008 estimates – and New York City is home to more than two-fifths of the State’s population. The top ten cities of New York State are – New York City; Buffalo; Rochester; Yonkers; Syracuse; Albany (state capital); New Rochelle; Mount Vernon; Schenectady; and Utica. All the above cities and towns have excellent residential neighborhoods and the properties now listed under New York foreclosures, NY are from these neighborhoods.

The foreclosure fiasco has made these properties, which were priced very high and not affordable to home buyers, both by the scarcity in availability and increased demand, are now suddenly become affordable. In the last six months the foreclosure market report reveals that New York State has turned up 24,210 properties as foreclosure filings. The foreclosure rate of New York State is one in every 328 housing units faced one or the other form of foreclosure problem.

The increased foreclosure activity month after month has brought forth a selling pressure on the New York foreclosures. As on date there are 57,913 properties available in New York foreclosures, NY with an average price of $243,796. So these properties are very much affordable, when compared to the median value of $369,778 for New York State homes for sale.
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