Brooklyn Pre Foreclosures and City Housing Are Great Options- By: John Cutts
Both Brooklyn pre foreclosures and city-backed affordable housing are great options for people wanting to live in the borough.
Since the launching of the Home Affordable Foreclosure Alternatives initiative, the process of buying pre foreclosures has improved after lenders and homeowners were given more reasons and incentives to carry out short sales.
In February, nearly 500 Brooklyn homes were put into foreclosure, in addition to the nearly 7,000 units that became distressed in 2009. People looking for Brooklyn short sales can explore these units in listings published by real estate services specializing in the borough.
Meanwhile, Brooklynites looking for affordable housing units developed with backing from the city of New York can get encouragement from the continued progress of the New Housing Marketplace Plan which was launched in 2003. This program was designed to help build 165,000 affordable units for about 500,000 residents by 2014.
As of the latest report, the program has already started financing over 100,000 units, more than 60 percent of the goal. Of these units, 23 percent are located in Brooklyn, adding an estimated 23,000 affordable units to the current number of Brooklyn pre foreclosures for prospective buyers.
Manhattan accounted for 33 percent, with the majority of the units situated in Central and East Harlem. Bronx accounted for 32 percent while Queens accounted for 11 percent. Staten Island had the smallest percentage, which was just a little more than 1 percent.
The continued pursuit of affordable housing is one of the answers of the city to rising problems related to the deterioration of apartment buildings taken back through foreclosure auctions in New York. Based on reports from housing nonprofits in the area, almost 1,900 units in residential buildings are currently at risk of becoming home real estate foreclosures.
What has been worsening the housing situation for Brooklynites is the failure of property owners, which are typically the banks holding the mortgages, to make repairs on these units, leaving these units unfit for move-in.
In the first quarter, a total of 12,149 foreclosure actions were posted across the state of New York, with 1,526 units already bought back by lenders. The numbers marked a drop of nearly two percent from the previous quarter, putting the state lower on the foreclosure charts.
Of the 10,623 pre foreclosures filed in the state during the quarter, Brooklyn pre foreclosures accounted for a percentage more significant than other New York areas.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.