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Foreclosurefest Coming

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Just before Thanksgiving, Julie Satow reported that "the New York hiatus from a harsh real estate market is likely coming to an end" due to incoming foreclosures: "Back in August, state legislators in Albany set a 90-day freeze on foreclosures that’s created a backlog of foreclosure filings. The 90-days are up next month. Banks will be bringing foreclosure filings 'by the wheelbarrow,' said one court officer in Queens, where the number of filings dropped to just 60 per week from a rate of 150 per week before the law took effect." The unwritten rule is that each foreclosure lowers home values in that 'hood by about 1%. [Daily Beast]