The Foreclosure Pain Is Not Close To Being Over In The Bronx
Bronx County, New York, better known as The Bronx is New York City's northernmost borough located northeast of Manhattan. Statistics released this month by the Center for Responsible Lending show the value homes in the Bronx has dropped $4.9 billion because of surrounding foreclosed homes. According to RealtyTrac some 1361 homes and commercial properties are in active foreclosure.
The foreclosure crisis in The Bronx began, much like the rest of the country, with missed mortgage payments and first-time owners losing their homes. It later hit banks and the financial industry, but its most recent victims are the neighbors who live on streets with abandoned homes. The situation continued until stopping foreclosure in Bronx County has become an almost insurmountable hurdle.
How is this, the fourth largest borough in New York holding up? New Day Consulting, a group of local real estate professionals with over many years of experience, offered some a unique snapshot of what is happening in The Bronx.
When asked to summarize a representative of New Day Consulting stated that the current Bronx County foreclosure situation in southern New York State is probably at least on average with the rest of the country if not moderately above average.
When asked they said the typical residence in foreclosure covers the entire spectrum. The highest priced luxury properties are being foreclosed at the same rate as the middle-class single-family residences.
New Day Consulting also said that in their opinion the root cause of the local foreclosure problem is the same as what's been affecting the rest of New York and the entire country; adjustable rate mortgages (ARM's) resetting, coupled with the combined recent spike, and then moderate decrease in property values is the primary culprit.
It was also learned the period of rising foreclosures began a notable increase mid-year 2007, had an increased rate this spring, and it is being forecast that the area has not seen the peak and that positive increase in the trend may not flatten for another three years. In fact the past 12 months has seen over a 50% increase
New Day Consulting feels the state has taken some steps, but in effect is only offering"Band-Aid type" legislation thus far, and even that is poorly written. 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.
From all appearances it seems the situation in Bronx County, New York will continue to worsen before improvement is realized. All that can be done for now is to wait and see just how much damage the foreclosure crisis leaves here.
Victim or Victor - the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn what you can do to avoid or stop foreclosure. |