Foreclosures in Westchester County, NY have remained below the national average.
Check out the latest delinquency report from First American. In NY State actual foreclosures lag delinquencies by over one year. Since the delinquency rates have more than doubled over a year ago I would suggest the Foreclosures in Westchester County, NY will likely double as we enter the late spring and summer of 2011.
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As you can see in the chart below, During the 12 month period in 2009, Westchester County Foreclosures, REO, and Short Sales totaled 124 Single Family units out of 3133 total units, or just about 4%. During the first 6 months of 2010, Westchester County Foreclosures, REO, and Short Sales totaled 118 Single Family units out of 1591 total units, or just about 7.4 %.
I expect this trend will continue and we can expect the Foreclosures, REO and Short Sales in Westchester County, NY to reach the double digit percentages sometime in 2011.
As I compiled and reviewed the data below from the MLS for Westchester County, NY I found it interesting that the Single Family Active Inventory is comprised of only 4.5%. If we assume that at some point all Short Sales, Foreclosures and REO properties do sell and since not ALL active inventory sells we can see that the percent of Foreclosure, REO and Short Sales in Westchester County will increase.
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Have Foreclosures in Westchester County, NY impacted home pricing? Everyone continues to debate the pricing impact of Foreclosures, REO, and Short Sales. Check out the average sale prices in Westchester County:
The data suggests that there has been no impact on average prices of homes in Westchester County. Both the average price and price per square foot has risen.
Click here to see where the impact may be different. Remember Real Estate is very Local.
Now let's look at what has happened between 2009 and 2010 so far between Foreclosures/REO, Short Sale and Regular Units Sold:
There is a significant increase in REO and Short Sale units. Although average pricing for regular units shows an increase take a look at what is happening with the Foreclosure/REO and Short Sale Inventory...both average list price and average sold price have dropped significantly. If your client can handle the issues involved in Foreclosure/REO or Short Sales, there are deals out there.
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