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Continuing Foreclosures May Prompt Queens County To Make A Plea For Aid

 

A decade ago about 300 or 400 foreclosures a year were the norm in Queens County. As 2008 has progressed the number of city homes on the foreclosure auction block surged dramatically in the first quarter with the biggest jump reported in Queens County where the number of foreclosure auctions increased 90 percent over the last quarter of 2007, according to a recent report.

The overall number of homes going to auction has soared to more than 7,500 and the court is on track to see 10,000 foreclosures before this year ends. One sobering statistic shows that in 2007 foreclosures in Queens and Brooklyn accounted for 40 percent of the state's total.

There is no winner in a home foreclosure. Very few residents actually have a viable to stop foreclosure in Queens County. For borrowers, it means, at minimum, a lost home and badly damaged credit. Foreclosure is also a losing proposition for lenders. According to the Pew report, the average cost of a foreclosure is $58,759 in foregone interest, court costs and other fees, or between 20 and 60 cents on the dollar.

Everybody it seems is affected by the ongoing crisis in Queens. The rich, and the not so rich, are all feeling the pinch. Not one segment of society has gone untouched. Simply stated the current foreclosure meltdown is not allowing anyone to escape its lingering effects. Even those homeowners not directly in harms way are seeing their home values slowly erode, and in some situations even seeing their homes falling in value below what they owe on them. If a bright spot exists it is the county is on the same level, and possibly slightly above the level, as the rest of the country.

Local experts all agree that the root cause of the ongoing problem is the same one affecting every other county in the nation; as 2008 progresses more adjustable rate mortgages (ARM's) are resetting with more getting ready in the upcoming months. Coupled with the combined recent spike, along with the moderate decrease in property values, has made the entire situation almost untenable.

When asked if the state had taken any steps to alleviate the pressure New Day Consulting responded that they feel the state has taken some steps, but may be too little too late in that the offering has been stop-gap type legislation thus far, and even that is poorly conceived. Some feel it has thus far been more of a knee jerk reaction without providing long term positive effect by politicians just looking to get their names on legislation before Election Day.

2007 was not a good year for the borough of Queens, and 2008 is not shaping to be any better. Without intervention by either the state or federal government the foreclosure situation in Queens County looks grim.

Victim or Victor - the Choice is Yours

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