One out of every 200 homes in New York state last year had some sort of foreclosure-related filing, from default letters to auction notices, a 10 percent jump from 2006, according to RealtyTrac, a California-based, online market for foreclosed properties.
As the subprime crisis took its toll, last year’s foreclosure-related filings jumped 75 percent nationwide compared to 2006 -- or 2.2 million filings on almost 1.3 million properties, according to RealtyTrac numbers.
Nevada led with 3.4 percent of homes in some stage leading up to foreclosure, while New York was in the middle of the pack, ranked No. 27 at .493 percent.
Nassau last year had 3,791 “lis pendens” filings, a legal notice challenging ownership of a property, while Suffolk had 7,478, according to Barretta Realty Skyline, a Carle Place title search company that collects such data around the state and sends it to RealtyTrac. Long Island data for 2006 was not available for comparision.
Queens had 7,061 lis pendens, up from 5,587 in 2006, Barretta figures show.
RealtyTrac said the number of New York homes that got foreclosure-related filings was 38,688.
That doesn’t mean all of them were foreclosed because negotiations and late payments may have warded off repossession in some cases. Because banks are not required to report foreclosures to county offices, there’s no easy way to see how many were actually foreclosed last year, when “exotic” loans to people who clearly could not pay finally led to the subprime collapse.
-- ELLEN YAN
Comments (1)
The commentary in this article is very factual, yet we seem to loose some perspective. 38,000 plus possible foreclosures may seem very high to many people. It is actually larger than entire counties in New York State. However, with over 3.3 million plus residential properties, not counting cooperative buildings, this level of foreclosures is not outrageous.
As a matter of fact, total possible foreclosures are less than 1/2 of 1 percent. Banks generally get concerned when the rate is above 1%. Compared to other states in the country this is very good. Your article claims that New York is ranked 27th. That is great news given the size of New York and the wealth of the properties.
I would like to know one question, why is this being blown out of portion? Do not interpret this comment as being insensitive to those who are possibly loosing their homes or who encountered fraudulent mortgage practices.
What I am simply stating is: Real Estate values run in cycles, this cycle is no worse than the one in the late 1980's early 90's. It appears that selling panic is better than selling fact. Accuriz.com attempts to provide these facts and more.