The Real Deal New York

Posts Tagged ‘foreclosure’

  • Foreclosures down nationwide in October

    December 03, 2012 02:00PM

    Foreclosures nationwide in October dropped 25 percent compared to the previous month and 17 percent year-over-year, a CoreLogic report released today shows.

    Completed foreclosures in the month of October totaled 58,000, down from 70,000 in October 2011 and from 77,000 in September 2012, the report shows. The decline was partly due to alternative disposition methods, meaning forebearances, loan modifications and refinancing, said Mark Fleming, chief economist for CoreLogic, in the report. [more]

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  • 119 West 25th Street

    (Updated at 10.20 a.m. on October 22 with auction date) A Flatiron District office building one block from Madison Square Park will hit the foreclosure auction block next month with an outstanding lien of close to $41 million, following the issuance of a foreclosure judgment against the property in September.

    The building, at 119 West 25th Street, had been owned by Brooklyn-based investors Miriam and Michael Chan before it was placed in receivership, records show. The duo purchased the building for $34 million via an LLC in 2006. The 11-story building, which totals 113,000 square feet and has 15,000 square feet of retail, will hit the block November 7, according to PropertyShark.com. [more]

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    Jed Kolko
    In the midst of presidential debate season, Jed Kolko of Trulia said that neither Obama nor Romney “have housing as a winning issue” (see video after the jump). In order to win two key swing states, he said, the candidates need to step it up.

    Two swing states at issue: Florida and Nevada, which Kolko refers to as the states with “the highest housing misery in the country,” with sharp declines and a lot of borrowers delinquent, behind on payments or in foreclosure. … [more]

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  • 166 West 75th Street

    An 81,339-square-foot Upper West Side apartment building is set to hit the foreclosure auction block next month with an outstanding lien of $40 million.

    The property, at 166 West 75th Street, has 204 residential units and had a yearly gross rental income of $2.5 million in 2009, according to legal documents filed in New York State Supreme Court. The senior mortgage on the property is held by Argent Ventures, which bought the loan from GE Business Financial Services last year. An LLC named for the address of the property bought the building for $32.9 million in 2007, according to public records, taking a $35.8 million mortgage against the property from GE. [more]

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  • From left: Pres. Barack Obama and Gov. Mitt Romney

    Asking prices in six of seven swing states have increased year-over-year, Trulia reported, adding that this could be good news for President Obama. The swing states were designated by political data site RealClearPolitics.com.

    Two such states, Nevada and Florida — the center of the foreclosure crisis — have seen 7 and 6.9 percent year-over-year increases in asking prices, respectively. [more]

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  • 57,000 foreclosures were completed in August

    There were 57,000 completed foreclosures in August 2012, down 75,000 a year prior and 58,000 from the previous month, according to a CoreLogic report.

    August’s numbers were the lowest since April 2010.

    “The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction,” President and CEO of CoreLogic, Anand Nallathambi, said in a statement that accompanied its monthly National Foreclosure Report. [more]

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    CNBC screenshot
    The so-called Bush tax cuts are set to expire at the end of this year. With that expiration comes an end to the Mortgage Forgiveness Debt Relief Act, which makes short sales more appealing to banks than foreclosure. That could undercut the housing recovery, CNBC’s Diana Orlick explained on CNBC’s “The Kudlow Report.”

    Also on the show, Meister, Seelig, & Fein’s Stephen Meister predicted that the end of the Bush-era tax cuts could would result in a sharp drop in short sales.(See video after the jump.) … [more]

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  • New York State is pledging $60 million over three years to fund counseling and legal services for New York homeowners of distressed properties. The Attorney General announced this morning that this year’s portion of the assistance — $20 million — will be awarded to 59 housing groups and 35 legal service organizations, as well as to fund training and technical services to assist homeowners in foreclosure. [more]

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  • Five sates with the most drawn out foreclosure process, including New York, would see government-backed mortgage fees increase under a new proposal by the Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae.

    The proposal has home loan borrowers in those states paying a one-time fee of 0.15 percent to 0.3 percent for federally backed mortgages starting in 2013, Bloomberg News reported. [more]

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  • The state of New Jersey has surpassed Nevada in the rate of homeowners who have seriously delinquent loans in the second quarter of this year, Businessweek reported. Year-over-year, the rate in New Jersey rose 1.3 percentage points to a total of 12.7 percent. The state now has the second-highest serious delinquency rate in the nation trailing only Florida.

    The high delinquency rate is partly because of a huge shadow inventory that’s spurred by the state’s slow foreclosure process. There are 60,000 foreclosures started since January 2008 that currently await resolution in the prolonged process, which takes an average of 934 days. [more]

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  • From left: First Residential Vice President Guillermina Chaux and a block in Jamaica (credit: Google)

    Queens led the city in residential foreclosures during the economic downturn, and once again lenders are having trouble in the borough that saw an uptick in foreclosure filings in the first quarter of the year.

    A survey by The Real Deal of Queens’ most active lenders of loans insured by the U.S. Federal Housing Administration, a division of the Department of Housing and Urban Development, found several with delinquency rates above the norm; but one lender stood out for having far more defaults than the others. [more]

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    The swing states most crucial to the outcome of the presidential election are also among the states most affected by the foreclosure crisis. But CNBC reported today on “Power Lunch” that the issue has largely been ignored by the candidates (see video after the jump).

    Mitt Romney hasn’t discussed the issue extensively since visiting Florida in January and backtracking on his initial statements that the best cure for widespread foreclosures is to let them run their course. Still, Barack Obama’s campaign is using that quote in spanish language ads in several of the hardest-hit swing states. … [more]

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  • The average sales price of bank-owned homes or homes in the process of foreclosure in the second quarter rose 6 percent quarter-over-quarter and 7 percent from the second quarter of 2011, according to a report released today by RealtyTrac. The average price comes in at $170,040 and marks the first year-over-year increase in average price since the second quarter of 2010, as well as the biggest year-over-year increase since the fourth quarter of 2006. [more]

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  • Showing some positive signs, there were a recorded 58,000 completed foreclosures across America in July 2012 — down nearly 7 percent month-over-month and 19 percent year-over-year, according to data released today by CoreLogic. However, both New York and New Jersey ranked among the five states with the highest foreclosure inventory. More specifically, New Jersey ticked in at 5.7 percent — making it take the second-highest foreclosure inventory — and New York at 5.2 percent, right behind New Jersey. [more]

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  • Here’s some encouraging news for financially stressed homeowners across the country: The Senate Finance Committee approved a bipartisan bill before heading home for summer recess that would extend the Mortgage Forgiveness Debt Relief Act through 2013.

    Why is this important? Several reasons: The debt relief law spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of owners who go through foreclosure or leave their homes following short sales would experience even more financial stress.  [more]

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  • Foreclosures decreased year-over-year for the 22nd consecutive month in July, but the housing market isn’t out in the clear just yet. While filings — which include default notices, scheduled auctions and bank repossessions — fell 10 percent since last July, foreclosure starts in the U.S. rose 6 percent in the last 12 months, marking the third straight month of annual increases in that category, according to a report released today by RealtyTrac. Prior to the last three months, foreclosure starts had tumbled for 27 consecutive months. [more]

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  • Sagaponack gets its first foreclosure

    August 03, 2012 09:00AM

    At long last, Sagaponack is getting its sunbelt moment. According to the New York Post, a Sagaponack home foreclosed on last month by the Bank of Smithtown is the first property in the wealthy town to face foreclosure — nearly five years after the real estate market crashed. The village clerk confirmed it was the first foreclosure of which she was aware. [more]

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  • Finding fortunes in foreclosures

    July 25, 2012 04:30PM


    From the July issue: 
    While much attention has been paid to the buying and selling of trophy Manhattan properties as the market recovers, some outer-borough real estate players are reaping enormous returns on a different kind of investment: They’re buying formerly distressed homes and quickly flipping them.

    According to an analysis of city property records by The Real Deal, these New York City– and Long Island–based firms are, in many instances, doubling their money in just a few short months by scooping up underwater one- and two-family homes. [more]

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  • The Copley building and the interior of the penthouse apartment

    A 4,800-square-foot Lincoln Square penthouse currently on the market for $16 million is slated to hit the foreclosure auction block next month with an outstanding lien of $22.1 million, according to data from Propertyshark.com

    The 28th-floor spread at the Copley, a full-service condominium building at 2000 Broadway, has taken center stage in legal dispute between mortgage lender Investec Bank, an international banking and asset management group based in the United Kingdom, and owner Opalgem Investments, a corporation based in the British Virgin Islands. [more]

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  • It’s not just homeowners who have been hit hard in the foreclosure crisis; it’s also homeowner associations, which collect monthly payments for community amenities. CNBC reported that these associations are now going after big banks, alleging that several of them have not paid monthly dues on the homes that they have repossessed. There are currently dozens of lawsuits seeking to claim these back dues. [more]

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