According to the NY Times, foreclosure filings in New York State for 2009 are up 17 percent from 2008, with just over 48,000 cases. Not all filings automatically become bank repossessions- many will become short sales, loan modifications or get pulled back by the homeowners through other means (like paying the arrearage if at all possible). Even with those options, the sheer raw volume of filings will end up with more REO properties hitting the market.
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J. Philip Faranda Broker-Owner (914) 723-8900
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J. Philip Faranda
Foreclosures are up down here in Texas as well. I’m hoping to see the foreclosure inventory eaten up this year so it won’t have too much of an impact on the rest of the “arms length” transactions.