Foreclosures are becoming rampant these days and it seems like no matter how many programs are doing their best to prevent it, more homes are still entering some stage of foreclosure.
New York City was not as hard-hit by foreclosures and low home prices as other cities in 2008. But as 2009 begins, signs of declining home prices are starting to appear.
A rising number of newbies have been participating in auctions of homes included in foreclosure listings due to falling home prices and bid price levels.
Nationwide unemployment rate reached 6.7 percent in November, the highest rate in 15 years, due in part to the foreclosure crisis, according to the U.S. Labor Department.
Bronx pre foreclosures contributed to the surge in New York City foreclosures in the first quarter. Almost 5,000 residential units in the city were in the foreclosure process during the quarter. Bronx foreclosures, meanwhile, dropped month-over-month but rose year-over-year.
Homeowners worrying about foreclosure listings have become easy prey to fee-charging foreclosure consultants who promise loan modifications that never materialize.
Fear for more Bronx foreclosure homes is spreading across the area as a growing number of apartment landlords are deep in debt. And severely affected by threat of foreclosures are the tenants of distressed apartments.
Foreclosed home listings in New York that highlight homes in distressed neighborhoods will soon be offered at deeper discounts to hasten the implementation of the NSP program. Foreclosure filings in New York City rose to more than 20,000 in 2009.
Queens foreclosures for sale have been increasing in middle class neighborhoods due to unemployment and drops in property values. Nearly 1,600 foreclosures were filed in the borough in the third quarter last year.
Foreclosure property filings surged in New York City in December, as unemployment continued to worsen. More than 2,000 households in the five New York boroughs received default and foreclosures notices in December last year.
Brooklyn foreclosures soared by more than 300 percent in November, compared to foreclosures in November 2008. Nonetheless, Citigroup and Genworth Financial cited their foreclosure prevention achievements in the area.
New York City Mayor Michael Bloomberg has announced the city's program of repairing foreclosed homes and then reselling them under the Neighborhood Stabilization Program.
A big number of REO properties in New York City over the 15-year period from 1993 to 2009 were flipped within a year, with the highest percentage of flipping occurring in 1998.
Queens bank foreclosures have topped all other county filings in New York State for the 10-month period ended October. More than 10,000 foreclosure actions were filed during the period in Queens County.
Stockton foreclosed homes for sale are still affecting business environment in the area despite the declining pace of foreclosures. Stockton was 98th in a ranking of metro areas based on business climate and economic strength.
More foreclosed properties are expected in New York City's commercial sector as vacancy rates continue to rise and as rents continue to fall. Over 180 major commercial buildings worth $12.5 billion in Manhattan are financially struggling, according to Marcus & Millichap.
As the country changed its president, additional measures to stop the persisting housing crisis are expected to be implemented with the help of foreclosure prevention experts.
Repossessed houses and foreclosures are set to rise further in the coming two years. According to analysts, the country's shadow inventory increased last year.
Despite a slight decrease in foreclosure cases from last quarter, the year-to-year average in California, particularly in Miami and Los Angeles, still continues to rise.
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