Foreclosed Wachovia Real Estate and Distressed Homes Fewer in NY

by on Foreclosures

Foreclosure numbers, including foreclosed Wachovia real estate, declined in New York City for October 2010. Foreclosure-related filings dropped by 19% for October compared with the same month a year ago, with current year's October total reaching 1,466. When compared with September 2010, the figure represents a 4% decline.

Although citywide statistics showed a decline, other areas of the metro region recorded higher foreclosure activities, with filings related to bank foreclosures in Brooklyn rising by 9% for October 2010 compared with October 2009. Housing data showed that the neighborhoods of Bushwick, Canarsie and East New York posted the highest jump for the month in focus.

According to housing market analysts, the decline in the number of New York foreclosure homes during the month is primarily due to the moratorium on foreclosed property sales imposed by several lenders which effectively pushed foreclosure activities down for October.

The moratorium has already been lifted in most areas of the country, leading market analysts to predict that the number of foreclosures, including foreclosed Wachovia real estate, will soon rise again for the remaining months of the current year. Despite the impact of the moratorium, analysts believe that New York City is showing signs of improvement, with notices of default in October declining by 22% compared with previous year's numbers.

They added that the good thing about the area is that property supplies for the sale of bank foreclosures are not as high as in other areas of the U.S. where supplies are often much higher than demand. However, they stated that areas in the state hardest hit by the foreclosure crisis will probably continue to suffer, particularly those with high number of multifamily houses.

According to housing experts, a big number of renters are currently unemployed and are unable to pay their landlords, who in turn, are unable to meet monthly mortgage obligations. These landlords, along with other unemployed homeowners, are also unable to get their mortgages modified since having a permanent income is one of the eligibility requirements for modification.

Most housing industry observers agree that New York City will remain a bright spot, with properties like foreclosed Wachovia real estate likely to increase in the coming months but on a level that is way better than other U.S. regions.