Monday, April 21, 2014

NEW YORK MORTGAGE FORECLOSURE - CRISIS

Recently, MSN posted an article "5 worst spots for 'zombie foreclosures'" By Jason Notte of TheStreet

A zombie foreclosure is defined in the article as follows: "Abandoned by the distressed homeowner and not yet repossessed by the foreclosing lender, these homes have no one to maintain them, are falling into disrepair, attracting crime and dragging down the values of nearby homes."

Coming in as Number 3 was the New York/New Jersey Metropolitan area:

" 3. New York City, Northern New Jersey and Long Island, N.Y. and N.J.

Total vacant foreclosures: 11,000
Percentage of all foreclosures: 12 percent

The suburbs got slammed during the housing crisis, but Superstorm Sandy didn't exactly help matters.

New York and New Jersey rank among the Top 5 states for vacated foreclosures. There are 10,880 in New York state alone, while New Jersey contributes 8,595 to the total. Both are still struggling mightily, with New Jersey's foreclosure starts up 126 percent from last year and New York
foreclosures spending 1,037 days in that state.

Unlike much of the rest of the nation, however, New Jersey and New York saw increases in bank home repossessions in February. Those seizures more than doubled in New York (up 108 percent from February 2013) while New Jersey repossessions jumped 90 percent."

Here's a link to the article:

http://realestate.msn.com/5-worst-spots-for-zombie-foreclosures?GT1=35010#1


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