New York, New York! New Foreclosures in NYC Up 79% in Q3 2017

This is a syndicated repost courtesy of Snake Hole Lounge. To view original, click here. Reposted with permission.

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Both New York City and Washington DC have been the slowest growing cities in terms of home prices of the Case-Shiller 20 metro index. In fact, New York City home prices are only back to where they were when The Fed started their quantitative easing (QE) program and crammed their target rate down to 0.25% in 2008.

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And first-time foreclosures in The Big Apple are up 79%, according to real estate service Property Shark. The number of first-time foreclosures in NYC surged 79% year-over-year in Q3 2017 – 859 homes were scheduled, compared to 481 in Q3 2016.

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WHERE are the Q3 foreclosures? Mostly around Jamaica Bay to the south and The Bronx/Pelham/East River to the north.

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True, Q3 foreclosures are lower than Q2 foreclosures, but the increase relative to 2014 is striking.

New York is a judicial foreclosure state, like New Jersey, and has the second highest foreclosure inventory in the US (after New Jersey).

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And the average time (days) to foreclosure in New York is still over 1,000 days (as of Q3 2016).

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While the rest of the country saw a decline in foreclosures, New York saw a big jump.

As Frank Sinatra once sang,

Start spreading the news
You’re leaving today 
I DON’T want to be a part of it (foreclosures), New York, New York

 

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