New York Foreclosure Numbers Falling
21 September 2011
Foreclosure Numbers in the city of New York have declined for three consecutive months. There were just 69 residential properties up for auction in August, a decrease of 7% from July and of a massive 70% from last August.
The biggest improvements were seen in Staten Island and Queens where there were just 5 and 23 auctions scheduled respectively. The market in Manhattan is somewhat different, as the number of foreclosures here was up by 60% compared to July.
In spite of this Manhattan is still one of the healthiest property markets in the US, with just 1 in every 46 thousand properties being scheduled for auction in July.
Properties up for auction tend to be at the lower end of the market, however there is one 5,000 ft.² single family home in Jackson Heights, Queens up for auction, which had a lien amount of $821,000. The property was last sold in 2006 for $995,000. Although a lot of property experts remain optimistic about the state of the market in New York, others feel it's much too early to say decisively if the market has bottomed out.
Some believe the foreclosure figure has been lower than it should have been because of banks suspending foreclosures to review their filing processes. Back in June, the New York Times published an article claiming that, at their current rate of progress, it would take banks 62 years to repossess all the homes in New York State that were in severe default or foreclosure. The fact that foreclosures are falling again will hardly please them.