Current Foreclosures in New York and Across the Country

The U.S. real estate market data provider, ATTOM, has recently conducted a study on the current behavior of foreclosures in all American states and cities.

For this study, the company selected 3,000 counties out of the 3,144 that the nation has. The data collected and considered corresponds to all properties that have an active foreclosure recorded in the system and those from the third quarter.

To determine the number of active foreclosures, properties that are in the auction process were considered, as well as those that have already been auctioned and those that are already in the hands of banks and other lenders, including those that are at the very beginning of the foreclosure process, such as those that have just received a notice of default.

The data provided by ATTOM reflected that currently, foreclosures during the third quarter of 2024 have shown a significant decrease nationwide, but this decline was more pronounced in New York City.

The company had the balances of foreclosures carried out in the state of New York, data that included the most prominent metropolitan areas of the state such as Rochester, Albany, New York City, Utica-Rome, Binghamton, and Syracuse. According to the analysis, and taking into account information from previous data, during this third quarter, there were fewer applications than in the same period of 2023.

In comparison with the foreclosure data from across the United States, New York had a better and broader record. In this third quarter, the country recorded more than 87,100 properties with foreclosure applications, a decrease of 13% compared to the same quarter last year.

Regarding foreclosures in just the state of New York, the aforementioned metropolitan areas occupy a middle position compared to the foreclosure rate across the entire country.

The CEO of ATTOM stated in his report that although the study conducted by his company reveals that the country has experienced a significant decline in foreclosures, repossessions, and auctions, this is a phenomenon that can easily change as its trend and record depend on the fluctuations in interest rates and any abnormal behavior presented by the national real estate market.

By Elías DaSilva | 14 de Noviembre de 2024.