New York Foreclosure Auctions Fall
June 5th, 2008
For the second consecutive month New York foreclosures have registered a fall. This shows that more aware borrowers hand in hand with understanding lenders have had an impact on the numbers. House owners are fast educating themselves and lenders seem more amenable. The number of auctions in New York City went down for the second month in May – less than 5% in comparison to April figures. PropertyShark will soon officially release the report. In May 2008 there were 313 foreclosure auctions. In April this year the number had been 329.
It indicates that the borrowers are more aggressive and not willing to quietly let go of houses. Lenders too have become relatively more understanding and cooperative, commented Ashleigh Role Clark of PropertyShark. Thus less number of houses is reaching the auction house although many are entering the foreclosure zone. The bad news is that foreclosures have increased by 50% from what it was 12 months ago.
The number of formal notices (Lis Penden) that triggers off the foreclosure process has spiked alarmingly by 70% in May from what it was in April. In May the numbers increased to 1,602 from 939 foreclosure postings in April.
The non-profit organizations as well as city and state governments have been working together to educate the borrowers about how to hold on to their houses. They have also been pressurizing the banking group to open communication lines with the borrowers who are in danger or about to enter the foreclosure net.
In May Governor David Paterson had suggested a bill that would necessitate lenders to notify borrowers 60 ahead of dispatching actual foreclosure notice. It would make it mandatory for both the parties to sit across the table with a judge to sort out the matter realistically and amicably. The anti-predatory laws of the state were also to be strengthened to see that loans were given only to those who could afford repayment. These apart there were many other venues of escape from foreclosure houses.
The most noticeable improvement was noticed in Queens. It was down by 8.3%. Queens is host to 56% of the all the foreclosure related activity in New York. South East Queens is the epicenter of the foreclosure quake. This region includes Jamaica, South Jamaica, Hollis and St. Albans. 80 new foreclosures were recorded here – the number being more than those of Brooklyn and Bronx. In the latter areas foreclosures dropped by 13% and 39% respectively.
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