New York Foreclosures Increasing Rapidly, Experts Predict More to Come
January 23rd, 2008 by 
admin
While many states have experienced huge booms in foreclosures over the past year that are now showing signs of either evening out or beginning to drop off, New York foreclosures seem to be doing the opposite. In 2006, the total amount of New York foreclosure homes was enough to make New York the state with the fifth highest foreclosure rate in the country. Many weren’t sure where the market was going to go from there, but in 2007, it got decidedly worse.
By late July in 2007, New York had eclipsed the total amount of foreclosed homes for all of 2006. This leads many observers and experts to predict that the problem is going to get worse in 2008. Officials have taken notice of the problem, and citing that many more adjustable rate mortgage are primed to adjust this year, many are very worried.
The problem areas, as is the case in other states, are of course centered in urban areas. New York City foreclosures, especially in the outlying boroughs, are very high for the norm, despite high property values. Albany foreclosures are a serious contributor to the state’s high inventory, as property values are taking a nosedive.
However, other areas of the state that are less close to the cities are feeling the crunch too. Ithaca county in the upstate region experienced an 18% increase in 2007, and the suburban Long Island county of Nassau saw a similarly high increase. Nassau, traditionally viewed as a relatively affluent area, is predicted to see just shy of 10,000 defaults or foreclosures in 2008. Officials are worried this will further drive down home values in traditionally high value areas and make the trend all that much more difficult to rebound from.
If you’re interested in investing in foreclosure real estate, bank foreclosures or government foreclosures in New York, there’s certainly a lot out there worth looking into. However, with so many more foreclosure houses expected to become available, it’s also worth waiting for the right deal to come along. The interesting thing about New York is that foreclosures are happening in these very desirable suburbs. Eventually, the market will even out, and these property foreclosures will regain their value, even though that may be a ways off.
Watching the market and looking into Brooklyn foreclosures, Brookhaven foreclosures, Hempstead foreclosures and other up and coming or traditionally in demand areas is highly recommended. These areas have great potential for value in the future, and with the foreclosure market so flooded currently, buyers are finding staggeringly low prices on foreclosure homes. Keep an eye out on areas where property values are falling the most, and be sure to judge the neighborhood and local economy when trying to predict whether those values will regain their previous levels in the future. Try to find the best balance between location and value, and investments in home foreclosures in New York could become very valuable in the coming years.
Related Posts:
- Massachusetts Foreclosures up 70% in 2007
- New York Worries about Foreclosures
- When New York Foreclosure Listings Become Handy
- New York Foreclosure Homes and Addressing Your Family’s Needs
- Foreclosure Rise Drastically During 1st Quarter
Posted in Foreclosure Homes, Foreclosures, New York | 
February 16th, 2008 at 9:04 am
[...] New York Foreclosures Increasing Rapidly, Experts Predict More to Come While many states have experienced huge booms in foreclosures over the past year that are now showing signs of either evening out or beginning to drop off, New York foreclosures seem to be doing the opposite. In 2006, the total amount of New York foreclosure homes was enough to make New York the state with the fifth highest foreclosure rate in the country. Many weren’t sure where the market was going to go from there, but in 2007, it got decidedly worse. [...]
February 19th, 2008 at 1:50 am
[...] New York Foreclosures Increasing Rapidly, Experts Predict More to Come While many states have experienced huge booms in foreclosures over the past year that are now showing signs of either evening out or beginning to drop off, New York foreclosures seem to be doing the opposite. In 2006, the total amount of New York foreclosure homes was enough to make New York the state with the fifth highest foreclosure rate in the country. Many weren’t sure where the market was going to go from there, but in 2007, it got decidedly worse. [...]
February 19th, 2008 at 2:01 pm
[...] New York Foreclosures Increasing Rapidly, Experts Predict More to Come While many states have experienced huge booms in foreclosures over the past year that are now showing signs of either evening out or beginning to drop off, New York foreclosures seem to be doing the opposite. In 2006, the total amount of New York foreclosure homes was enough to make New York the state with the fifth highest foreclosure rate in the country. Many weren’t sure where the market was going to go from there, but in 2007, it got decidedly worse. [...]
February 19th, 2008 at 5:46 pm
[...] New York Foreclosures Increasing Rapidly, Experts Predict More to Come While many states have experienced huge booms in foreclosures over the past year that are now showing signs of either evening out or beginning to drop off, New York foreclosures seem to be doing the opposite. In 2006, the total amount of New York foreclosure homes was enough to make New York the state with the fifth highest foreclosure rate in the country. Many weren’t sure where the market was going to go from there, but in 2007, it got decidedly worse. [...]
February 20th, 2008 at 5:32 am
[...] New York Foreclosures Increasing Rapidly, Experts Predict More to Come While many states have experienced huge booms in foreclosures over the past year that are now showing signs of either evening out or beginning to drop off, New York foreclosures seem to be doing the opposite. In 2006, the total amount of New York foreclosure homes was enough to make New York the state with the fifth highest foreclosure rate in the country. Many weren’t sure where the market was going to go from there, but in 2007, it got decidedly worse. [...]
February 22nd, 2008 at 2:55 am
[...] New York Foreclosures Increasing Rapidly, Experts Predict More to Come While many states have experienced huge booms in foreclosures over the past year that are now showing signs of either evening out or beginning to drop off, New York foreclosures seem to be doing the opposite. In 2006, the total amount of New York foreclosure homes was enough to make New York the state with the fifth highest foreclosure rate in the country. Many weren’t sure where the market was going to go from there, but in 2007, it got decidedly worse. [...]