A number of home foreclosures in Brooklyn occurred due to straw buying. One case being investigated by the FBI involved $7 million in mortgage loans provided to straw buyers in Brooklyn, Queens and the Bronx.
The huge number of properties under bank and Freddie Mac foreclosure listings has resulted in more New York residents opting to rent instead of purchasing residential properties.
Home foreclosures in New York will surge in the coming months if the owners of more than 700 Manhattan condo units that defaulted last year are not able to save their properties from foreclosure. The number of distressed condo units in the area soared in 2009 by 125 percent from 2008.
New York home foreclosures continue to surge in the multifamily sector as a sharply rising number of affordable housing owners face severe financial troubles. About 100,000 affordable housing units in New York City are in severe financial distress or in foreclosure.
A new law has been put in place in New York which will affect all aspects of the residential property business, including foreclosed property auction listings and mortgage holders' rights.
Home foreclosures in Bronx again became the focus of New York City Mayor Michael Bloomberg when he launched this week a campaign to fight mortgage fraud together with nonprofit NeighborWorks. A total of 1,825 households received foreclosure filings in January in the 5 boroughs of New York.
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