Foreclosure Activity Lowest Since Pre-Recession 2005 Level

Housing appears to be stabilizing nationwide however there is still need for improvement in the New York City metropolitan region.  ATTOM Data Solutions, a company which curates a multi-sourced housing database released a report today indicating that foreclosure filings are at the lowest levels since 2005.  Foreclosure filings consists of default notices, scheduled auctions and the actual repossession of the property by the banks.  It is being reported that there were 77,049 filings on U.S. properties in April. This is down 23% from a year ago at the same point and at the lowest level since November 2005.

"Foreclosure activity continued to search for a new post-recession floor in April thanks in large part to the above-par performance of mortgages originated in the past seven years," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Meanwhile we are seeing an elevated share of repeat foreclosures on homeowners who often fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery."
Of particular interest in the Northeast is that in New Jersey, Connecticut and Massachusetts foreclosure filings actually increased by 1%, 29% and 3% respectively.

Also of note is that a new analysis of repeat foreclosure starts, shows them increasing in some areas and in particular in New York City. In NYC repeat foreclosures occurred at 54%. This was the highest level of the 5 metropolitan areas that were examined for the analysis.  The other cities included Los Angeles (39%), Miami-Dade County (32%), Maricopa County, Arizona (26%) and Essex County, New Jersey (20%). A repeat foreclosure start is defined as a foreclosure start filed on a property address-owner last name combination in 2016 with a previous foreclosure start on the same property address-owner combination in the last 10 years.

Nationwide, initiating foreclosures are at pre-recession levels.  A total of 34,085 U.S. properties started the foreclosure process in April, down 6 percent from March 2017 and down 22 percent from the same time a year ago.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.
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Consumer Bill of Rights revealed in New York for Homeowners in Foreclosure

The State of New York has unveiled a consumer bill of rights for homeowner that are in any stage of the foreclosure process.  The statement which can be read in full here, informs the homeowners as a consumer that they have rights during the process and advises them that they have a right to seek legal counsel if they are facing a foreclosure in New York.  The bill of rights also tells borrowers that they have the right to stay in their home during the foreclosure process.  Many people have been under the impression that they must leave their houses once they are not able to pay their mortgage.  The language of the bill states..“If you abandon your home, the plaintiff (bank or mortgage servicer) may be able to foreclose on your property through an expedited process in court.  To prevent this outcome, stay in your home and carefully review and respond to documents you receive from the plaintiff or the court in your foreclosure case. A failure to respond or appear in court when required to do so could make it easier for the plaintiff to show that your property is vacant and abandoned, which could put you at risk of an expedited foreclosure.”  The Bill of Rights thereafter goes through the steps and legal process that must take place before the home is foreclosed upon.

The consumer bill of rights is part of legislation originally introduced by New York Attorney General Eric Schneiderman in 2014 and 2015.  The purpose of the laws were to reduce the number of zombie homes by informing homeowners of their right to stay in their home until a court orders them to leave.   Furthermore, the legislation is intended to combat the blight of vacant and abandoned properties by expediting the rehabilitation, repair and improvement of these properties.

Additionally, the new laws will also impose a duty on banks and servicers to maintain zombie homes in the pre-foreclosure timeframe and they would be required to create an electronic registry of abandoned properties  The banks and servicers would also have to expedite foreclosure for vacant and abandoned properties to get them back on the market.  The legislature would require the foreclosing party takes action to ensure new parties enter the property within 180 days.

The foreclosure time from the first missed payment to the exiting of the property in New York State is 1,070 days.  New York has the second highest amount of abandoned foreclosures with 3,352 according to RealtyTrac.  The new legislation hopes to address these issues head on.

Blue Harbour Property Management has managed many New York City properties where the homeowners has purchased directly from the bank.  If you are looking for property management in NYC of your previous bank owned property contact Blue Harbour Property Management.  We can give you a comprehensive service package that will assist you to maximize your rental revenues.

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