Foreclosures.com Sees No Letup in New York Metro Foreclosure Activity.Business Editors/Real Estate Writers SACRAMENTO, Calif.--(BUSINESS WIRE)--Jan. 20, 2003 Foreclosures.com, a California based tracker and publisher of pre-foreclosure data in five major U.S. markets says there will be no reduction in foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. activity levels in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. metro area This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. , and that home loan defaults may, in fact, increase in coming months. Alexis McGee, Foreclosures.com's president, cited rapidly rising unemployment rates in the Big Apple, coupled with a cooling housing market as primary causes for distress among area homeowners. "The jobless job·less adj. 1. Having no job. 2. Of or relating to those who have no jobs. n. (used with a pl. verb) Unemployed people considered as a group. Used with the. rate in New York City," said Ms. McGee, "has jumped to 8% as of November. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the city's comptroller, William Thompson, unemployment has been over 7% all year." She went on to point to a slowdown in home price appreciation in the New York metro For the region, see . Metro New York is a free daily newspaper in New York City started in 2004. Its main competition is AM New York, with which it practices many of the same distribution and marketing strategies. area to about 3%. "The most recent Federal Reserve Board report for the second district indicated that 45% of the banks surveyed reported a decline in loan applications. That's another sign of a cooling market." She said that rising and persistent joblessness in combination with a softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. housing market pointed to a rise in residential mortgage defaults in the near future. "When you adjust for inflation," Ms. McGee added, "there's little or no real equity growth. That limits the refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. option for a troubled homeowner. Moreover, people out of work for months often have compromised credit that eliminates the refinance option altogether. Frequently the only way people can avoid foreclosure is by selling the property, and selling it quickly." Foreclosures.com, a publisher of pre-foreclosure property information in California for more than a decade on their website www.foreclosures.com, also serves the metro areas of New York City, Phoenix AZ, Chicago and the entire state of New Jersey. The company also functions in an advisory capacity to foreclosure property investors, offering educational programs that help new investors learn how to make optimum use of property information, and provides one-on-one email consulting to course graduates. "Distressed property really means distressed homeowners," said Ms. McGee. "Our goal is to help investors locate people in the foreclosure process so that homeowners in a bind can conserve some equity for a new start. That's better than losing everything in an auction on the courthouse steps." Current conditions that include slim job growth in New York City indicate busy times ahead for distressed property investors. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion