Foreclosures are on the rise in New York City as more than 1,100 cases arose in October, reports the New York Post. The unfortunate stats show that there was a 32 percent increase from September to October, with Queens being dealt the worst blow out of all the boroughs.
According to real estate research firm Attom Data Solutions, though things aren’t as bad as when the foreclosure crisis first hit in 2007, it’s still up 37 percent from last year and continuing to spike. Brooklyn was hit pretty hard too, experiencing a 20 percent foreclosure increase, which pans out be about 365 new cases.
These numbers strongly contradict the state average where foreclosure rate only rose by 10 percent and even the national average of homes being foreclosed on have been seeing a year-over-year decrease, dropping by 8 percent in October.
Experts fear that the foreclosure increase will continue and possibly worsen once the federal Home Affordable Mortgage Program (HAMP) expires on December 31st.
“People think the foreclosure crisis is toward the end, and it really isn’t,” Rose Marie Cantanno of the Foreclosure Prevention Project at the New York Legal Assistance Group told the Post.
- New Yorkers see drastic spike in home foreclosures [New York Post]