New York Foreclosed Homes For Sale Decreased 2.08% Between May And July

This one surprised more than a few people. New York is known for having some of the highest cost real estate in the country between the city of Manhattan and the property on Long Island and quite honestly, people thought that the results between May and July this year would be considerably higher and into increasing as opposed to decreasing. This is especially true when you look at the increase of foreclosure rate on Long Island and the drop in value of housing.

Some places on Long Island dropped as much as sixty plus percentage points in value which would typically put more home on the foreclosure market because a good many of these homes are heavily mortgaged and that much of a drop in the value of the home puts them into a negative equity state where the homes actually have more owed on them than they are actually worth.

Situations like this have caused home owners across the country to simply walk away from the homes and let the banks have them back because for many there is not hope that they can maintain the payments long enough to get above the proverbial water line again.

But the exact opposite is happening here. It seems that the decrease is largely due to people actually being able to lower rates and payments by working with the lenders to be able to lower things to an affordable level instead of losing the houses.

There is also the fact that a lot of the homes that are being refinanced are the more expensive homes in the more expensive areas such as the Hampton area, which is on the extreme eastern end of the Island. When these factors are combined you get the decrease in numbers that we see here in the state of New York.