Westchester Foreclosure Filings Down 50%

By
Real Estate Broker Owner with J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

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 are behind, underwater, or both. Banks are just taking longer to file lis pendens against people who are not paying. In January of 2008, 243 lis pendens were filed. That number this past January was only 133. The banks are just being more careful. 

The number of actual foreclosures in Westchester is down to a trickle. This past January, only 6 full judgments were filed -in other words, only 6 people had their homes taken back. In 2008, that number was 83. Again, not because everyone is paying their bill like magic; the lenders are just having to be far more deliberate. 

If anything, this means that we'll continue to see short sales as an everyday thing, the shadow inventory will still be waiting in the wings, and loan modifications will continue to clog the housing courts. 

 

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Topic:
Home Selling
Location:
New York Westchester County
Groups:
Hudson Valley Real Estate and Mortgage Professionals
I Love NY
New York Real Estate Agents and Associate Brokers
Westchester County
Tags:
foreclosures
lis pendens

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Rainmaker
814,135
J. Philip Faranda
Broker-Owner
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

Jack- there is always a story behind the story. 

Lenn- I hope you are, for my own sake, but my observations are that lenders are giving lip service to speeding things along before they slow things down to a glacial pace once everything is submitted. 

Barbara- many are living for free. 

Lester- You said it, fewer repos are always better. 

Deborah- sellers are more realistic in my neck of the woods also. 

February 21, 2011 10:42 AM
Rainmaker
1,147,511
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Put 40 years of experience to work for you
Lyon Real Estate

Yeah, wait until mid June and look at the numbers then. I know people are hopeful and ready to snatch any thread of hope that is dangled in front of them but I really do not see any miraculous change on the horizon, do you?

February 21, 2011 11:37 AM
Ambassador
1,175,138
Toni Weidman
23 Years Selling Homes in New Port Richey, FL
Re/Max Sunset Realty

I agree with Elizabeth. I don't see any quick change coming but I'm happy to see that your area is doing so much better, Phil. Maybe there is hope for us all yet :)

February 21, 2011 07:08 PM
Rainmaker
414,806
Phyllis Lerner
William Raveis Legends Realty Group
William Raveis Legends Realty Group LLC

Phil... in Westchester it took longer for prices to fall, sales numbers to drop, and there were and are fewer foreclosures and short sales per capita than elsewhere... but it eventally happened here too... however, now it seems that it is climbing out of the basement faster than other parts of the country... but as you suspected, most of the improvement may be just related to the banks being more careful with their foreclosure filings... and while I tend to agree I also like to believe that it is more so because Westchester is recovering a little bit faster...

February 21, 2011 09:11 PM
Rainmaker
1,196,020
Michelle Gibson
REALTOR
Hansen Real Estate Group Inc.

J. Phillip - This is really great news and hopefully your market continues to head in the right direction, it's got to start some where.

February 21, 2011 09:34 PM
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Rainmaker
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J. Philip Faranda

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Additional Information

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 30 agents & closed 350+ transactions valued at $140 million. He is in his 4th term as Vice President of the HGMLS. 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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