The Great Recession took its toll on individuals in New York and across the country. The housing industry was especially hit hard, with individuals finding that their property had significantly reduced in value, in some cases falling below what it was originally purchased for. In addition, many homeowners could no longer keep up with their mortgage payments, leading to foreclosures.
However, one recent report claims that during the first quarter of 2016, foreclosures in 36 percent of the metropolitan statistical areas studied had slowed down, going below nine year pre-recession levels. According to the report nationwide foreclosure filing actions went down 4 percent from the fourth quarter of 2015 and went down 8 percent from the first quarter of last year.
That being said, there were some areas of the country where the foreclosure activities were still above pre-recession levels New York being one of them at 80 percent. In addition, scheduled foreclosure auctions increased 92 percent in New York as well.
As this shows, although foreclosure activity may have decreased in general nationwide, there were still markets where foreclosures are still a significant issue. Homeowners facing foreclosure may feel that they have no other option but to lose their home. However, this is not the case. They may be able to stop foreclosure actions at least temporarily by filing for bankruptcy, or there may be other options as well. In the end, homeowners should not think they have no options if they are in a position where they cannot pay their mortgage. Instead, they may want to contact a bankruptcy attorney for more information about what options they may have to save their home.
Source: World Property Journal, “U.S. Foreclosure Activity Drops to Lowest Levels in Nine Years,” April 15, 2016