An increase in the range of foreclosure properties in New York offers easier entry for new Investors.
Friday, June 29th, 2007Moving 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.







