New York Foreclosures Increase by Nearly Half:

NY State ranks 30th in foreclosures.

By: James R. Lindamood

The numbers are for July's foreclosure rates, and the numbers are staggering. The number of foreclosures filed in July of 2008 was 44 percent higher than just one year before. RealtyTrac, a company that tracks and markets “risky” homes, released their numbers showing that the number of homes in the foreclosure process was 6,167.

New York State ranked 30^th for the number of foreclosure actions filed. In NY, there is one foreclosure for every 1,282 housing units in the state. The numbers are up by 15 percent from the month of June, 2008. 290 fil9ings were made in the Albany-Schenectady-Troy MSA in July, which was nearly double that of last year. However, that number has decreased by nearly 10 percent from June, 2008.

Appraisers are showing a marked increase in the number of bank appraisals and foreclosure appraisals that they are doing. Still, the number of appraisals for foreclosure proceedings is relatively small, making up no more than 5-15 percent of the total business for the appraisers. Nationwide, roughly 272,000 foreclosure actions were filed in July, up by over 50 percent from the same month the year before. These figures include the number homes currently in default, currently up for auction, and currently owned by the lender after a foreclosure.