New York Homes Foreclosures
Real Estate News and Videos - Short Sales - Foreclosure and General Information

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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The National Real Estate Market Peaked in 2006 - From 2002 thru 2006 the real estate market was hot. Buyers were getting loans that were very risky. In many cases they were not qualified for the amounts. Some were not for homes as a permanent residence, but for townhomes, villas or condos on the water to rent out as a secondary residence while waiting to flip it for a much higher price. Teaser Rate Loans and 100% stated products were sold and people that were not qualified financially to pay for a traditional loan. The real estate market was growing so fast that these people would take out a home equity line of credit, when they needed more money. They assumed that since their current home had gone up in value...so would their investments. As time went on...the real estate market came tumbling down because of sub prime and exotic loans to poor credit risks.

Sellers who are forced out of their homes are usually difficult to work with. Bank employees are just doing their jobs follow procedures that many times keep the buyer in suspense. Due to the large amount of foreclosures, banks are overloaded with work and their response time could be lengthy. Even though they want to sell a home, they will push to get the best price to minimize their losses. They might not play by your rules, they have their own paperwork and time frames. Unlike real home sellers, they’re not really attached to the properties they sell. They could take 1-3 months just to respond to your offer, and it could take sometimes 6 to 9 months to close a transaction. In most of the cases, their counter-offer to the buyer will be the actual appraised value which could be much more than the asking price you saw in the (MLS) Multiple Listing System. REO or Bank Owned Properties offer quicker response and realistic offers are being accepted.

In what will surely go down as one of the most splendid flips in the history of ultra-posh New York City real estate, the young hedge fund executive Scott Bommer and his wife Donya, once an anchor for "Good Day Philadelphia," have sold their duplex penthouse at 1060 Fifth Avenue for around $48.9 million, according to a source.

Not only does the sale come in the middle of a relatively sludgy, even gloomy real estate market, but there's the downright flabbergasting fact that the Bommers bought the apartment in January 2008. They paid $46 million, setting a record for a Manhattan co-op sale.

That record was broken this summer, when the chairman of the Loews conglomerate, Jonathan Tisch, agreed to pay $48 million for a co-op at 2 East 67th Street. So not only will the Bommers be making a quick couple of million dollars, but they'll be reclaiming their slot atop the New York City co-op hierarchy.

It's not clear who's buying the penthouse duplex, with its greenhouse and a 114.5-foot-long terrace facing south, plus a maze-like master bedroom suite and a corner living room facing Central Park. But Mr. Bommer is well-connected: He sits on the board of the tremendously important Robin Hood Foundation with Richard Fuld, Bob Pittman, and Gwyneth Paltrow. The apartment, besides its $48.9 price, still needs quite a bit of work--which according to The Observer's source was one of the reasons why the Bommers decided to sell. Among other things, the top and bottom floors have to be combined into a real duplex: Georgia Shreve, who sold the apartment in January, had proposed combining the units (in an "18th-century" style, she told The Observer last year) though the building's board turned her plans down
 

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