in News > Mortgage Servicing
print the content item
A year after Hurricane Sandy, foreclosure activity in the first nine months of 2013 is up 33% compared to the first nine months of 2012, in seven counties of New York's five boroughs and Long Island combined, according to a report from RealtyTrac.

RealtyTrac reports that Queens County had the highest level of foreclosure activity through September 2013 - up 61% from the same time period last year. Default notices, in particular, were up 71%, while auction notices increased 24%, and bank-owned (REO) properties increased 26% from the previous year.

Foreclosure activity also increased in Richmond County (Staten Island) - up 40% during the first nine months of 2013, with REO properties rising 170% from the same period last year. Default notices were up 43% in the county, but scheduled auctions fell 15%, according to the data.

RealtyTrac’s data also shows that Nassau and Suffolk counties (Long Island) have seen overall increases in foreclosure activity so far this year - up 24% in Nassau County and up 28% in Suffolk County. REO properties rose substantially during the period for these counties - up 45% and 50%, respectively. The level of default notices also rose noticeably during the period, with 24% and 28% increases, respectively.

Activity levels were also up in Bronx County (39%) and Kings County (28%) through September. The data shows that the only county showing a significant decrease in foreclosure activity during the same time period was New York County (Manhattan), where foreclosures were down 21%, with the number of REO properties dropping 82% and scheduled auctions falling 53% - even though in Manhattan, Sandy did make landfall and caused significant flooding, according to RealtyTrac.

RealtyTrac also reports that median home prices rose in all seven counties year-over-year for September, despite the impact of the hurricane.

Median home prices rose by double digits in both Queens and Kings counties (up 16% and 12%, respectively) from September 2012, and the median price rose 7% in New York County from last year, according to the data.

The lowest rises in home prices were in three of the counties most affected by Hurricane Sandy: Suffolk County (up 5%), Richmond County (up 3%) and Nassau County (up 1%).

"The places that were hurt the worst by Sandy have seen an extraordinarily slow comeback," says Emmett Laffey, president of Laffey Fine Homes, which covers the five boroughs and Long Island. "The problem is getting the insurance money. The homes have been razed, and today they are just a sandlot. Some people have gotten insurance money; some people still can't get the money. It's a big mish-mash - nothing is uniform. Those areas that were hardest hit are still reeling.”


Six important questions you need to ask about your compliance process. Click to download the buyers guide._id1144


Latest Top Stories

Greenwich Estate Sells For Record $120 Million

Copper Beech Farm, a 51-acre property and mansion located on the waterfront in Greenwich, Conn., hit the market last spring with an asking price of $190 million.


AMCs Generally Receptive To Proposed 'Minimum Requirements' Rule

The rule would require all AMCs that operate in states that have supervisory programs to register in those states and to allow those states to have authority over their licensing.


Major Metros Showing 'Early Signs' Of A Housing Bubble

Among the 35 largest metros nationwide, more than half of homes currently listed for sale are considered unaffordable by historical standards, according to a recent report from Zillow.


Waters Introduces Yet Another Housing Finance Reform Bill

But unlike the other three bills now before Congress, Waters' proposal calls for replacing Fannie and Freddie with a cooperative of lenders that would be the sole issuer of mortgage-backed securities guaranteed by the government.


OIG: Property Preservation Companies Need Better Controls

A recent OIG audit revealed that there are numerous problems plaguing the property preservation business, not the least of which is the submission of false or erroneous property inspection reports on the part of sub-contractors.

LenderLive_id1164
Hse SandyHook
Play for Pink
Orb Mobile
Superior Home_id1078
FedHomeLoan_id1130
SWBC_id1156