foreclosures: Westchester Foreclosure Filings Down 50%
- 02/20/11 03:14 PM
According to the Journal News, the number of foreclosure filings in Westchester, Rockland, and Putnam County is down quite a bit. Westchester is down 50% from October 2010 through January 2011 compared to the same period from 2009 to 2010. The numbers are equally impressive in Rockland (39%) and Putnam (51%). Does this mean we are out of the woods? Hardly. The reason for the decline is the Robo-signing Scandal, which has caused a judge to order banks to show proof of attorney review of all foreclosure documents. That is a daunting task in light of the still-enormously -high mortgages that … (11 comments)
foreclosures: Everyone Wants Foreclosure Prices. Nobody Wants Foreclosures.
- 11/06/10 08:08 AM
I got the following email today: we are withdrawing our offer of purchase on XX Rd. The reason is the mold problem. He is hearing that the mold goes right through to the studs and even the beams and he doesn't want to subject his family to that. I thought this was a good buy and I told him so but... These people insisted that my client turn on all the utilities and de-winterize the house. They didn't need all that done to know that there is mold. This isn't an isolated example. Thanks to the media and basic groupthink of the current market, … (48 comments)
foreclosures: Chase Joins GMAC in Foreclosure Moratorium
- 10/01/10 02:22 PM
Realizing that they cannot ruin lives without, um, following the law, Chase has joined GMAC in suspending foreclosures while they sort out what has become regarded by Inman News as the "robo signing controversy." Governing agencies have criticized the large lenders for sloppy procedures in pursuing foreclosures, requiring them to audit their files and make sure they are following the proper steps prior to repossessing and displacing more people. In Chase's case, 56,000 foreclosures are now on hold in 23 states. If you'll allow me to indulge in a metaphor, the government is making sure the banks find the soft tissue … (12 comments)
foreclosures: Foreclosure in New York Rising Rapidly
- 12/28/09 08:33 PM
This article in the Real Deal caught my attention. According to the NY Times, foreclosure filings in New York State for 2009 are up 17 percent from the prior year, with just over 48,000 cases. Not all filings automatically become bank repossessions, but the number of those spiked enormously. Earlier this year I worked quite a bit in Queens and I was shocked at the high percentage of the places I was showing that were short sales and bank owned properties. Many of those filings will become short sales, loan modifications or get pulled back by the homeowners through other means (like paying the … (4 comments)
foreclosures: Some Saw the Crash Coming
- 12/20/09 03:05 PM
While going through some old archives to rebut some gnu who feels agents are overpaid, I found the following passage, which I authored on May 1, 2006, on another blog. This was over a year prior to the sub prime collapse of 2007 and the Fannie/Freddie crisis of 2008. The sales statistics for homes sold in my area for the first quarter of 2006 are out, and sales are down from the first quarter of 2005 by 14%. This, coupled with higher interest rates means that the pool of buyers is shrinking, which suppresses appreciation. Add to this the growing inventory … (9 comments)
foreclosures: Have We Lost our Compassion?
- 11/17/09 03:23 AM
By and large I am pretty convinced that most Active Rainers are a sensitive, compassionate crowd. I have read posts from REO brokers lamenting that they have to evict people around the holidays. I have read posts wringing their hands over ethical dilemmas because they wanted to do the right thing without a word spoken about "commission." Even some of the posters and commenters who sort of annoy me usually place a premium on ethics. So imagine my surprise when I see that there is a relatively new member who has created his own niche: making fun of foreclosures. A 70's kitchen or … (5 comments)
foreclosures: Foreclosure Wave Hits Minorities Hardest
- 05/15/09 01:59 PM
According to the NY Times, minority homeowners are three times as likely to be foreclosed on than the norm. The NAACP is actually suing lenders over what they perceive as a new kind of redlining- giving minorities inferior and unsustainable loans. I made the following comment on the article on the Time's website:
2009 9:27 pm I was a loan officer in the Bronx from 2002-2007. While the article mentions the NAACP lawsuit, one thing that often goes unmentioned in this discussion is that the foot soldiers in this mess- the loan officers and agents who put these people in … (4 comments)
foreclosures: Why We Need More Short Sales
- 12/29/08 12:53 AM
Not long ago, the following was written: "you should be strongly advocating foreclosures - not mitigation or refinance - in your marketplace." They stated that foreclosures would restore confidence in the market. I beg to differ. With rare exception, foreclosures hurt everyone and should be avoided at all costs. They harm the borrower, the lender, and even innocent bystanders (unless, of course, you like a vacant, derelict home on your block). The mitigation he refers to-more commonly known as short sales-are, to my way of thinking, the best way to restore market stability with the least amount of harm to all. My rationale is hard … (4 comments)
Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 80 agents & closed 1000+ transactions valued at over $1 billion. He was 2014 President of the HGMLS and a 2017 Inman Influencer. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900. Warning: *Sarcasm and irony advisory at all times.*
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According to the Journal News, the number of foreclosure filings in Westchester, Rockland, and Putnam County is down quite a bit. Westchester is down 50% from October 2010 through January 2011 compared to the same period from 2009 to 2010. The numbers are equally impressive in Rockland (39%) and Putnam (51%). 
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