Foreclosure Connections Blog

While the frequency with which foreclosed homes are appearing in other states, New York has a very insignificant number of foreclosures for sale. Almost every state has a high propensity of people failing to keep up with mortgage payments on their homes which results in the homes ending up in the foreclosed market, but the situation in New York begs to differ. Even the metro areas of New York where it must be expected to have a high foreclosure rate, following the rates in other states, show low incidences of foreclosed houses.

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The largest city in the United States with all its culture, entertainment, night life, and global influences is New York City, New York. NYC has over 18 million people living within its borders. With such diversity comes a wide variety of choices among the New York foreclosure homes around the city and surrounding areas. There is so much to see and do in New York City offering neighborhoods ready for new residents and investors alike.

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Looking for a home in Buffalo New York? Make sure and check the Buffalo foreclosure homes as part of your options. Buffalo is right next to Lake Erie on the west and is against the Niagara River to the north. The city has a long history and now growing into more modern times of technology and service industries. There are many great schools from public, private, vocational, community colleges, and universities located in and around the city, providing more good reasons to research a discounted price among the Buffalo foreclosure homes. Providing wide educational choices are good reasons for raising a family in Buffalo New York.

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According to the New York Times editorial last June 28, the current foreclosure crisis that the state is suffering from may benefit from the Bear Stearns hedge fund debacle. These hedge funds, which almost collapsed a couple of weeks ago, were believed to be tied to numerous subprime mortgages. These mortgages are being blamed for the rise in New York foreclosures rate. And to ensure that there is no danger to the financial system; Congress has decided to intervene on behalf of Wall Street.

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Comparing the New York foreclosures rate recorded this April to that of last year during the same period, you will observe a 3 percent decrease. But from last March’s report, the state’s foreclosures rate increased by almost 11 percent. Among the 4,099 foreclosure filings, there were actually just 298 New York foreclosures or real estate owned with the rest in different stages of foreclosure.

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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.

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