Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
"The third-quarter foreclosure count was 79% higher than the same period last year, though certain areas of the city saw even more dramatic increases. In the Bronx, first-time foreclosures were up 145% compared to the year prior. In Brooklyn, they rose 112%. Queens, where foreclosure rates have remained persistently high, was home to 288 foreclosures, the most in the city, but only a 27% from Q3 2017."
"In the rest of the country, foreclosures were at a 10-year low in 2016, but in New York, where the overall numbers bottomed out in 2013, they have since begun to rise—a trajectory last seen in 2006. Foreclosures tend to peak earlier in the year, and the second quarter this year was one instance shy of matching the previous peak in 2009, when there were 912 foreclosures in April, May and June."
So much for New York's housing market being sustainable.
And so much for the advice of some posters telling everyone to buy. Those who defaulted on their mortgages clearly have LOST considerable sums of money. Heaven forbid someone lose their job, because an extended period of unemployment means one cannot pay the mortgage and then the house goes into foreclosure.
Am so surprised that someone who claims to have such an extensive higher education from a prestigious university does not know the value of independent research.
Instead of going with Crain's or whatever publish, you might try to dig deeper into the meat of the matter.
New York State laws make foreclosure a long and drawn out process. As with rental housing the courts and laws tend to favor homeowners to extent possible. Result is often people are allowed to remain in their homes (often via a revised mortgage scheme), when clearly they simply are not going to be able to make things work.
No small number of these new foreclosures are loans that were refinanced under various schemes. Now that hasn't worked so banks are going back to square one.
For the record foreclosures have been rising in New York City (and surrounding areas) since last year and likely will continue to do so until some sort of equilibrium is reached.
Bottom line is you still have many, many *MANY* persons saddled with mortgages they simply cannot afford to pay. This includes primary, secondary and reverse mortgages.
Capitalism has a recession built into it about every 10 years where millions of people lose their jobs, homes, pensions and lives are destroyed. Last one was about 10 years ago, and so we are overdue
So much for New York's housing market being sustainable.
And so much for the advice of some posters telling everyone to buy. Those who defaulted on their mortgages clearly have LOST considerable sums of money. Heaven forbid someone lose their job, because an extended period of unemployment means one cannot pay the mortgage and then the house goes into foreclosure.
haha, too bad we are not seeing a fall in prices. #FAIL.
"The third-quarter foreclosure count was 79% higher than the same period last year, though certain areas of the city saw even more dramatic increases. In the Bronx, first-time foreclosures were up 145% compared to the year prior. In Brooklyn, they rose 112%. Queens, where foreclosure rates have remained persistently high, was home to 288 foreclosures, the most in the city, but only a 27% from Q3 2017."
"In the rest of the country, foreclosures were at a 10-year low in 2016, but in New York, where the overall numbers bottomed out in 2013, they have since begun to rise—a trajectory last seen in 2006. Foreclosures tend to peak earlier in the year, and the second quarter this year was one instance shy of matching the previous peak in 2009, when there were 912 foreclosures in April, May and June."
So much for New York's housing market being sustainable.
And so much for the advice of some posters telling everyone to buy. Those who defaulted on their mortgages clearly have LOST considerable sums of money. Heaven forbid someone lose their job, because an extended period of unemployment means one cannot pay the mortgage and then the house goes into foreclosure.
Sorry, but you just don't know, do you?
First while it varies by terms set forth in the mortgage agreement it takes more than one or even two missed payments before a note goes anywhere near pre-foreclosure much less default.
Two, it matters not if it is mortgage or any other sort of credit payment, once you reach 90 days late there are serious consequences and repercussions. However as previously stated banks/mortgage servicer/holder are usually more than willing to work with a homeowner to get them back on track. Again it comes no where near losing one's home, at least not in NYS.
To be foreclosed upon in NYS means the homeowner has not only defaulted but is so far gone that they cannot or will not work things out.
Even if you are a renter, any period of prolonged unemployment/inability to pay rent means you are looking at being evicted/losing one's home. Just so happens since homeowners have property things take longer and that either by statue or custom banks are usually willing to work things out.
What often happens in NYC is you get many, many people such as immigrants, minorities and so forth that simply believe they *must* own a home. So they struggle, scheme, scam and or otherwise look for ways to make that happen.
Sadly often the thing is built on a house of cards (working vast amounts of overtime, one or more jobs, counting on rental income/family or whatever) to make things work. Then it takes only one minor setback (reduction of work hours, and or household income) for the whole house of cards to come down.
The other thing you see far to often in certain communities is you have someone with a house that is nearly paid off, but for various reasons they agree to a second or reverse mortgage. Spend all that "instant cash", now something happens and they cannot pay the note and are crying poor mouth.
haha, too bad we are not seeing a fall in prices. #FAIL.
No, you're not; because in today's NYC real estate market in all but the worst hoods there is money to be made if you can obtain a property for the right price.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
