About 60 percent of homeowners in Arizona, California, Florida, Georgia, Michigan and Nevada are facing the possibility that their properties will be foreclosed.
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.
With delinquencies in mortgage payments and foreclosures on the rise, a New York bank decided to step up and assist customers having difficulties in payments by offering modifications in their mortgage program through adjustable rates.
The data on foreclosures in New York provided by RealtyTrac has faced many criticisms for being inaccurate, primarily considering the case of Erie County.
New York foreclosed homes auctions in the coming months may include condo units after the Carriage House in Chelsea was foreclosed by its lender Midfirst Bank. The developer owes two lenders and contractors a total of $20.77 million.
Properties offered at bank foreclosure auctions are expected to rise in the coming quarters as more homeowners fail to pay their mortgage in time, particularly among Northeastern states.
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.
The U.S. federal government's primary mortgage modification program designed to ease the problem of bank, government and Freddie Mac foreclosures is reportedly losing momentum.
Foreclosure remains a major concern in Queens, with the number foreclosed houses and handyman special homes for sale remaining high. Small businesses are said to be key to recovery.
The number of properties on New York foreclosure listings is expected to increase as exotic mortgages will reset. The resetting of exotic mortgages will mean that payments will rise and so is the number of defaults.
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.
New York foreclosure listings are expected to include condo units at the Rector Square, which was foreclosed after its developer failed to pay his $165 million loan as well as complete the conversion of the rental building into a condo complex.
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.
Real Estate developers in New York now intend to use social media to block campaigns that oppose their developments. This is after a development was blocked in Long Island due to developers' unawareness of social sites.
Several areas in New York have posted increased number of notice of lis pendens during the spring of 2010. Data for the period showed that the downstate region of the state is hardest hit.
New York foreclosures for sale dropped in October as more troubled homeowners successfully negotiated loan modifications with their lenders. According to the Treasury Department, nearly 28,000 troubled New Yorkers were able to modify their mortgages as of October 31.
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.
Short sales have been helping trim down lender foreclosures in New York City. The percentage of distressed sales in a number of areas of the city spiked in the first quarter to around 20 to 40 percent of total home sales.
A law has been proposed to protect tenants of New York foreclosure homes. The law will require landlords to register the primary owners of rental properties with the city.
Banks should always be careful when handling documents related to mortgages and other loans. Foreclosure proceedings may not be legally allowed if there are flaws on how documents are handled.
The Volunteer Lawyers Project of the Nassau/Suffolk Law Services Committee in New York is designed to help homeowners stay in their houses that have been foreclosed by lenders.
Buyers looking for a HUD homes list focusing on Brooklyn properties can find them through reliable foreclosure listings. Brooklyn posted 1,546 foreclosures in the first quarter, the second highest in New York City.
The Bail Out the People Movement staged a rally against an auction by Real Estate Disposition Corp. of foreclosed homes and possibly tax foreclosure properties in Manhattan.
New York bank foreclosures in the housing sector increased in September and in the third quarter. Almost 15,300 foreclosure notices were filed in New York in the August to September quarter.
A list of foreclosures by state might not show New York cities in the top ten, but some local areas made it to the list of cities with the highest vacancy rates. Buffalo was ranked seventh nationwide.
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