Repeat foreclosures are happening in New York City at a higher rate than other major domestic housing markets like Los Angeles and Miami.
Across the United States, foreclosures are at their lowest level since 2005, Politico reported, citing a new report from real estate research firm ATTOM Data solutions. However, the report, which examined five housing markets, found New York City had the highest rate of repeat foreclosures.
Last year in the city, the repeat foreclosure rate was 54 percent, ahead of L.A. at 39 percent and the Miami-Dade County, at 32 percent. The other areas included in the report were New Jersey’s Essex County and Arizona Maricopa County, with 20 and 26 percent, respectively.
Repeat foreclosures take place when a home avoids an initial foreclosure process by a payment program, but then goes back into foreclosure.
Last year, according to the report, Brooklyn had the highest rate of repeat foreclosures, at 62 percent. It was followed by Staten Island (55 percent), the Bronx (53 percent), Manhattan (48 percent) and Queens (45 percent).
“Foreclosure activity continued to search for a new post-recession floor in April, thanks in large part to the above-par performance of mortgages originated in the past seven years,” said ATTOM’s Daren Bomquist, according to Politico. “Meanwhile, we are seeing an elevated share of repeat foreclosures on homeowners who fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery.”
The Kings County Supreme Court in Brooklyn is moving to toss out thousands of inactive foreclosure cases, a move which defense lawyers say will have negative impact on homeowners, because any motions they filed against lenders will be lost. [Politico] — Miriam Hall