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07.02.2014
Things I think homeowners should know about loan modifications & HAMP-2 viewed 93,646 timesThe secret NPV formula used to qualify for HAMP loan modifications that no one is allowed to know. The number of foreclosed multi family homes for sale in New York City has risen in the past few years. According to the study, single family foreclosure homes in New York City have dominated housing reports, but the rise in foreclosures among multifamily rental dwellings in the area have actually risen at a pace that has not been seen since the early part of the 1990s. The center's report showed that since at least 2007, over 2,100 rental multifamily properties have received notices of foreclosure in the city, with over 44,000 households believed to have been affected by these notices. In Brooklyn, nearly 1,500 multifamily rentals have received notices of foreclosures since 2007, affecting nearly 15,000 residential units. The increased number of multifamily foreclosed property for sale in New York City, market analysts have stated, affects tenants and whole neighborhoods, particularly those with huge supplies of multifamily rentals. During the six months following the foreclosure notice, an average of 15% more code violations are often reported for these properties.
Just in time for Halloween, Greater New York recorded the most Zombie foreclosures of any metro area nationwide. According to data firm RealtyTrac, 13,366 homes in metro New York were vacated at the time of foreclosure, becoming so-called Zombie properties.
RealtyTrac’s Q3 2014 Zombie Foreclosure Report found there were 117,298 owner-vacated foreclosures nationwide in third quarter of 2014 (18 percent of total properties in foreclosure), down 17 percent from 141,406 in the second quarter of 2014 and down 23 percent from 152,033 in the third quarter of 2013. Contrary to the national trend, 16 states saw increases in owner-vacated foreclosures compared to a year ago, including New Jersey (up 75 percent), North Carolina (up 65 percent), Oklahoma (up 37 percent), and New York (up 30 percent) and Alabama (up 29 percent).
Among metros with a population of more than 200,000, 60 metros (28 percent) posted increases in owner-vacated foreclosures compared to a year ago, including Trenton, N.J. Nationwide, Florida documented the most zombie foreclosures by far of any state, with 35,913.


The New York metro area saw the most owner-vacated foreclosures of any metro area nationwide, with 13,366, representing 12 percent of all properties in foreclosure, followed by Miami (9,869), Tampa (7,509), Chicago (7,326), Philadelphia (5,405) and Orlando (3,732). New York, New York REO homes, foreclosures in New York, New York, search for REO properties and bank owned homes in your state - page 2. This is houses for sale and foreclosure listings overall search with no email or credit card required. Absolutely FREE to use database of houses for sale, foreclosure homes, bank owed houses, foreclosures listings. Find houses for sale in New York NY, all types of bank owned homes and foreclosed houses including New York, NY HUD homes and government foreclosures, VA foreclosure and FHA foreclosures in New York, New York.
This Single Family property situated in 1551 Richard St, Schenectady, New York 12303 is currently for sale and has Under Contract status.
Foreclosed homes foreclosures sale bank foreclosure, Over 1.5 million bank foreclosures for sale.
Foreclosure listings foreclosures sale & bank owned, Nationwide listings of foreclosures preforeclosures bank foreclosures and government foreclosures. Bank repo homes repossessed houses sale government, Make the most out of repossessed homes for sale. A study conducted by the Furman Center for Real Estate and Urban Policy of New York University has revealed that foreclosure notices issued to rental multifamily structures with at least five units have risen in the past two years. In addition, such foreclosures actually affect more people since rental multifamily buildings house almost 50% of all New York residents. Among the boroughs, Brooklyn reportedly has the most number of multifamily foreclosed homes for sale in New York City.
The study also revealed that seven out of the ten neighborhoods with the highest number of foreclosed multi family homes for sale in the city can be found in Brooklyn.


Most of these multifamily buildings, they further added, are deteriorating as they remain distressed and unoccupied. The report also asserted that these foreclosed multi family homes for sale can be really costly for the city. These vacant properties will likely end up as short sales, foreclosure auction sales or bank-owned sales in the future. New York posted the second highest total (12,683), followed by New Jersey (12,133), Illinois (8,678), and Ohio (4,981).
The report claimed that this may be partly due to the fact that the area has the biggest stock of small rental multifamily homes, with most of them ranging between five and 19 units.
Last year, a total of 373 foreclosure notices were issued to Brooklyn multifamily rentals, the report also claimed, with Bedford-Stuyvesant accounting for 18% of these foreclosure-related notices.
Such distressed buildings usually receive 21% more code violations within the quarter when the notice of foreclosure has been filed. Moreover, local communities, households and the general housing market are also affected by the deteriorating properties, particularly in hard-hit boroughs like Brooklyn. New York was followed by Miami (9,869), Tampa (7,509), Chicago (7,326), Philadelphia (5,405) and Orlando (3,732).



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