County level filings for foreclosed home listing in New York rose for the months of April, May and June this year. According to data released by the New York State Banking Department, foreclosure filings were made on 13,664 properties across the state for the second quarter. The figures represented a 24 percent rise compared with the previous quarter but 15 percent below the year-to-year figures.
Industry experts take consolation on the year-over-year decrease which was favorable compared with the 20 percent increase in the national average of filings for foreclosed home listing. However, the rise of 24 percent compared with the previous quarter was above the average national increase of almost 11 percent.
But still, industry experts argued that the state’s overall ranking in terms of foreclosure rate across the country continues to improve. New York dropped from the 37th place in the first quarter to 39th the following quarter.
Notable among the county foreclosure filing increases is Orange County with 643 for the period ended June 30. The county posted over 61 percent increase in filings for foreclosed home listing compared with the previous quarter. This means that one out of 208 homeowners in the county received a foreclosure filing.
Meanwhile, ratios of households in Rockland County and Putnam County that received foreclosure filings also peaked in the second quarter, with one out of 264 and 272, respectively.
Superintendent of Banks for New York Richard H. Neiman said that the increasing trends in the three counties is a reminder that the foreclosure crisis in the state is still a force to contend with and finding sustainable and affordable ways to help families remain in their homes should be a continuous process.
Last month, New York Governor David A. Peterson launched the 2009 Foreclosure Prevention Bill to boost the law on mortgage lending reform implemented last year. The 2009 law expanded the required protections, including mandatory settlement conferences and pre-foreclosure. The new law covers all loans taken out before September 1, 2008. Additionally, the bill expanded the coverage of legal and counseling services.
According to industry experts, New York’s foreclosure rate is better off than other states because of its foreclosure prevention efforts. However, they conceded that there are areas where substantial increases in filings for foreclosed home listing will continue in the second half of this year.
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