The Foreclosure Problem In New York
It took a bit longer than the rest of the country but the sub-prime cloud is casting a shadow over the state of New York.
The number of New York foreclosures has risen by over 22 percent from July 2006 - July 2007. The number of New York foreclosures in Queens rose 126% in one month, while Staten Island reported in with an increase of 102% in New York foreclosures. The scary thing is that these two boroughs weren't even the hardest hit, that distinction belongs to Staten Island which got hammered with a 184% increase in the number of New York foreclosures in the previous twelve months.
In the rest of the state the news is mixed, however three counties show increases in New York foreclosures of over thirty percent with Nassau County leading the pack at 82 percent.
Of course the source of the increase in New York foreclosures is the same as it is across the country. The sub-prime market handed out home loans at lower interest rates which jumped dramatically after they reached their reset periods. Those homeowners were lured in with the prospect of lower monthly payments during the early part of the loan found they had bills they couldn't pay, and very few options available to avoid foreclosure.
For those homeowners who are looking for help with their New York foreclosures there is assistance available through legitimate foreclosure prevention services.
The government is showing signs of getting involved to try and stem the tide of New York foreclosures. New York foreclosures can take up to fifteen months, which is longer than most other states, and you might get blind-sided as lenders are not required to send a warning prior to initiating to the foreclosure process as this is not required in New York. But in the long run the situation in New York appears to better than most other states.