Q1 2007 New York Foreclosures: Fewer than 2006
For the first quarter of 2007, New York foreclosure filings have reached 13,411 homes. Surprisingly, the number of foreclosed homes is slightly fewer than what was reported in 2006 during the same time. To date, New York foreclosures rate places the state at the 23rd place among the states with the most number of foreclosure filings. Nationwide, the total number of homes that entered some stage of foreclosure is 430,000.
In 2006, the most number of foreclosures are located in the suburban neighborhoods such as Westchester, Suffolk County and Nassau County. Investors looking for suburban real estate properties should consider the potentials offered by these New York foreclosures. Many of these foreclosed homes are in good physical condition and would only require minor repairs. Because of this, you can be sure that New York foreclosures can pride you with much return potential. Purchasing one of them will already ear you instant equity. If you are lucky, you can find homes sold at a fraction of what they are worth in the open market.
The best partner a buyer could ever hope to have when looking for bargain New York foreclosures is a reputable real estate broker like ForeclosureConnections. Armed with their complete and regularly updated foreclosure listings, you will be able to find the most ideal foreclosed home that fits all your needs and budget. For just a one time subscription fee, you would be able to access thousands of information on foreclosure properties being sold all over the nation.
If you want, you can use these New York foreclosures as rental properties for families and individuals working in the bigger cities. Or you could renovate them to accommodate modern amenities and then sell them for a nice and quick profit.
