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Sandro Rosell
FC Barcelona President
Wednesday, May 24, 2017

In New York City, there is a higher rate of repeat foreclosures occurring than in any other major housing market in the country. 

According to a new report from real estate research firm ATTOM Data solutions, foreclosures are at their lowest levels across the United States since 2005. However, the report showed that out of the five major housing markets examined, New York City had the highest rate of repeat foreclosures. 

The rate for repeat foreclosures in the city for 2016 was 54 percent, which was far more than Los Angeles at 39 percent and Miami-Dade County at 32 percent. The other markets included in the report were Arizona Maricopa County at 26 percent and Essex County in New Jersey that rated 20 percent.

The Real Deal reports, “Repeat foreclosures take place when a home avoids an initial foreclosure process by a payment program, but then goes back into foreclosure. Last year, according to the report, Brooklyn had the highest rate of repeat foreclosures, at 62 percent. It was followed by Staten Island (55 percent), the Bronx (53 percent), Manhattan (48 percent) and Queens (45 percent).”

ATTOM’s Daren Bomquist told Politico, “Foreclosure activity continued to search for a new post-recession floor in April, thanks in large part to the above-par performance of mortgages originated in the past seven years. Meanwhile, we are seeing an elevated share of repeat foreclosures on homeowners who fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery.”

Thousands of inactive foreclosure cases are in the process of being thrown out of the Kings County Supreme Court in Brooklyn. Defense lawyers say that this move will negatively impact homeowners, because all the motions any of them filed against lenders would then be lost.

By Mark Snyder