Foreclosure filings in New York on the incline
The number of foreclosure filings in New York State jumped 47 percent in the first half of 2007 compared with the same period a year ago, according to a new survey to be released today.
Filings rose to 19,262, according to the study conducted by RealtyTrac, an Irvine, California-based online marketplace for foreclosure properties. This survey is the first to calculate filings on “unique properties” so that it counts an address only once, even if there are multiple filings on it.
Despite the steep rate of increase, New York is better off than many other areas. Nationwide, the number of filings soared 58 percent from the first half of 2006, the survey found. California and Florida led in the United States with 104,572 and 64,250 filings, respectively.
A growing number of homeowners, especially those with less-than-perfect credit who took out subprime mortgages, are struggling to meet their monthly payments. In recent years, lenders loosened their standards and gave credit to people who could not afford the mortgages over the long-term.
“Despite a slight drop in June, foreclosure activity shows no sign of slowing down,” noted James J. Saccacio, chief executive of RealtyTrac.