Foreclosures Increase up to a Glaring 67%

Foreclosure homes in New York have gone up by 67 percent in July in comparison to what it was last year during the same month. This is in fact a big setback to the real estate industry of the city. This is mainly due to the slow pace of the US economy. The homeowners are in great desperation as to how to save their home from foreclosures.

It has been observed that heavily hit are the outer boroughs with Queens’s foreclosure soaring up by 81 percent last month in comparison to July’s figure last year. About 178 homes have been foreclosed in Queens. The condition in Staten Island is all the more glaring with home foreclosure registering a 215 percent increase as compared to what it was last year during the same period.

According to a real estate tracking firm, the Bronx has reported a 16 percent increase than what it was last year. About 29 home seizures in July have taken place in Bronx. There has a 63 percent surge in the foreclosures in Brooklyn in July 2008 as against the last year’s record during the same month showing a two-year high in foreclosure auctions. Manhattan also has undergone a 7.6 percent increase in foreclosures as compared to July, 2007. Besides, it has been marked that there has been a shocking 55 percent increase in foreclosure sales from June to July, 2008 in Manhattan. About 14 home seizures in July have been observed in Manhattan.

According to Bill Saniford, CEO of a real estate tracking firm,

“The numbers are pretty dramatic for New York City foreclosures. In Queens, it’s quite scary”.

He has further said that although the foreclosures are taking place mostly in the area with low income but its effect has been brining down the prices throughout the city. Last month, there have been registered a total of 5,982 foreclosures in Los Angeles and 2,677 foreclosures in Miami.

In a bid to control the situation, free legal and financial advice for the struggling homeowners is going to be launched by the state court system. There will be state-appointed mediators too who will attend the meetings between the lenders and debtors. This mediation program will be first launched in Queens and then next month will be extended to other boroughs. Although the housing statistics in New York has faced a very blow in July but the Big Apple is still far behind in home foreclosures.

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