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 New
Yorkers are losing their homes in record numbers.
Some neighborhoods are being harder hit by foreclosures.
Foreclosure filings across the state have increased by 150% since January
2005. Most of the loans going into default now were made at
the peak of the housing boom in 2005, when some thought the good times would
continue forever and lending standards were lax.
Long Island foreclosures are increasing. The surge in alternative
conventional mortgages and subprime loans led to the increase and is pulling
the housing market's prices downward.
In the State's capital of Albany, the housing market has slowed and real
estate prices are deflating. The market boomed with the rest of the nation
only to have its bubble burst. Huge property taxes and costly schooling have
made buying in Albany very expensive. New York has some of the highest
property taxes in the nation, and Albany is expected to see further erosion
in its real estate market.
Glen Falls, New York, expensive upscale condos are a the norm, the market
has fared better than many other areas and only turned down modestly.
The Buffalo real estate market has also slowed with an increase in
foreclosures. The market is turning into one of the best buyers markets in
the state with lower home prices.
The Rochester real estate market did not participate with the housing bubble
and steady sales activity continues. Rochester should see healthy growth, a
rare exception for New York outside of Manhattan.
On the Hudson River little Poughkeepsie still has a relatively healthy
housing market. Poughkeepsie has attracted new computer software companies
and other new employers to assure itself of a prosperous future forecast to
appreciate forward.
In Syracuse, real estate prices remain affordable, jobs have been more
resilient with a growing economy. Prices have risen during the last three
years almost equally each year, and will see a slight slow down
The short sale process can be significantly less expensive and a good
alternative to foreclosure for both lenders and homeowners. For homeowners
in trouble, it doesn't help them keep the home, but it can keep the
foreclosure mark off their credit report. It's also less expensive than
going through the court system in a foreclosure lawsuit. A short sale is an
alternative to bankruptcy or foreclosure proceedings.
The Mortgage Forgiveness Debt Relief Act of 2007 Before the legislation, homeowners who persuaded a lender to accept a short
sale had to pay income tax on the loan amount forgiven by the lender. Under
the new law, they won't have to pay taxes on the forgiven amount, up to the
original mortgage amount on the purchase of the real estate. The sharp rise
in foreclosures has become a political issue, with Congress debating methods
of aiding those underwater.
California Foreclosures
Florida Homes PreForeclosures
Foreclosure and default warnings are at their highest level in nearly a
decade
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