New York is one of those places where real estate market has always been enticing for investors. It is however essential to mention that this market has also gone through several ups and downs because of the current economic recession. This has also affected the number of New York foreclosures.
Nowadays when you delve more into the details it becomes evident that there is a clear decline in average prices over the last few years. This can be seen from the following graph which is available at Trulia.com.
This particular graph is to show you the consistent decrease in average listing price in current year. The price started from $2.08M and was at 2.04M mark just at the start of March 09. Currently, you can find average listing price to be at $2,035,246 and that is after a decrease. Precisely, there is a decrease of 6.1% in the average listing price of a square foot in New York. With this decrease in listing price, the average listing price for a square foot was $1188.
This decrease in average listing price has contributed towards raising the number of New York foreclosures. Also, the living cost in New York is quite high due to which it has become difficult for people to handle their mortgage payments in the right way, resulting in foreclosures.
When you check some reports about the foreclosures, you will see that numbers are on an upsurge for sure. For instance, according to a report presented by a foreclosure real estate provider, there were as many as 8,366 properties available in foreclosures. These foreclosure filings were only for the fourth quarter of 2008. But, the rise in foreclosure filings, according to this report, was enormous with 50,032 properties during 2008.
This implies the fact that there are opportunities for those who are interested in foreclosures in New York. But, if you are also one of them, you must consider the following important factor before proceeding with your investment.
This particular thing is about considering the population being affected by the property crime. Following is the chart to help you get an idea.
This chart is taken from Trulia.com and is perfect to get an idea about the fact that a wide majority of people have experienced the property crime. Though the percentage is much lower than some of the cities in other states like Texas, but it can always be a concern for all. To stay away from property crime at the time of investing your money in New York foreclosures, you have to invest only after conducting a research.
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Written by Alex Rolim.
