New York: Swimming In Foreclosures



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By : Leticia Carvalho



New York foreclosures are starting to be an issue. An example is the housing situation in Broome County, where 173 foreclosures were already filed from July up to September. For every 514 properties in the area, one home was being repossessed.



For 2008, an estimate of more than 50,000 people who own a property in the state of New York filed for foreclosure, specifically in Mid-Hudson Valley and in the western part of the state.



According to Comptroller Thomas DiNapoli, the increase in New York foreclosures can be a threat to state governments as the revenue comes from the 44 percent of tax properties.



DiNapoli indeed made sense because a property tax may increase if foreclosures in the state go higher.



Mayor Matthew T. Ryan said that 39 percent from tax properties will be accountable for Binghamton City�s estimated income for 2009.



New York is 36th in terms of foreclosures, particularly in the Mid-Hudson Valley, some parts of Southern Tier and Finger Lakes a year ago. Binghamton City is planning to increase 14 percent in tax property by 2009, which is 90 percent more than what was allowed by the Constitution. Ryan is hoping that the government will do something about it.



In every 423 properties in Finger Lakes, one home is being filed as foreclosed in 2008. One out of 514 properties in Broome County, and one out of 319 houses in Dutchess County. Orange County ranked as the highest in foreclosures as one home was filed as foreclosed for every 205 properties.



For 2008, majority in foreclosure filings came from six counties in upstate New York because of the number of mortgages considered as sub prime. A decrease of 31 percent in property sales from January to June of last year in New York City was considered very significant. Mid-Hudson ranked second with 28 percent.



Reports said that the properties are reasonably priced in the upstate area and majority are standard homes in place of luxurious homes due to foreclosures.

Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.





