New York Foreclosure Rates Rise 67%; Queens Foreclosure Rate Leads the Pack
August 5, 2008
New York foreclosure rates rose 67% in July 2008 as compared to figures of the same month last year according to Gothamist intensifying New York’s statewide foreclosure crisis.
The New York Post reports that Queens foreclosure rates represented half of the total number of seized houses in the city with 178 homes foreclosed. This figure represents an 81% increase in the foreclosure rate year over year. Brooklyn followed with a 63% increase, a 16% rise in Bronx, 7.6% in Manhattan and lastly, a 215% leap in Staten Island.
The rising foreclosure rate, combined with a low number of houses being sold, have sent the median sales prices in New York plummeting.
Meanwhile, the New York court system has been looking to different ways to help the homeowners that are having a hard time keeping their homes. This, combined with New York’s newly-enacted law requiring 90 day’s advance notice of foreclosure auctions, may provide some measure of temporary relief to homeowners at risk of losing their homes to foreclosure.
Still, most homeowners facing foreclosure are unaware that valid foreclosure defenses exist. New York homeowners may contact me or call toll-free to 800-497-5717 to set up a free, no-obligation telephone consultation to discuss their options.
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