Bank Owned Foreclosed Homes And Government Foreclosure Properties

Moving against the nationwide trend, New York State reported a significant drop in foreclosure filings in May 2007 compared with the same period a year earlier. New York is one of the handful of states with a low foreclosure rate comparatively in May, continuing a trend this last year, with an 8% year on year drop. The most noticeable decline was in Brooklyn with 503 filings versus 936 the year before. Subprime mortgages, said to be the “prime” reason behind this year’s surge in foreclosure filings nationwide, have not been an issue in New York where much of the real estate is in condos and co-op apartments. Although no foreclosure problem has yet been noted with condos, signs of a higher rate of subprime borrowing have been seen in the outer suburbs, and New York foreclosure listings include small increases of available foreclosure in the Bronx and in Queens where a small number of condos are going into foreclosure together with family housing owned by middle income buyers of recent times. Foreclosure auctions lists this year include co-op units in Manhattan, expelling the myth that co-ops are safer from bank foreclosure than other property.

For investors, this opens yet another avenue for identifying prospects. From multi family units in foreclosure to single family residences, Condos in foreclosure to Tax Lien certificates, competition for good deals has always been fierce in New York, but may be getting less so. The time is right to ensure investors cover the entire state in their search for opportunities, and broaden the type of investment. New investors can try to steal a march on the seasoned by identifying prospects as early as possible in the pre foreclosure stage, by paying attention to thorough inspections where allowed, spending that extra for adequate research. At the other end of the foreclosure process, building strong networks with Lenders, contracting talented and experienced BPO contacts and working alongside local knowlegable realtors is a must.

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