24/7 REO Realty

How Long Can the Center Hold?

Makes you just want to stay home.

In the midst of the longest, and probably deepest, postwar recession last year, the U.S. investment position with the rest of the world sharply deteriorated…Read on Here.

Can Buying a Foreclosure home in Poughkeepsie, New York be your Gain?

This piece came from an article in the New York Post last week, on June 8th., mentioned that approx. 1,400 came to a public home-foreclosure auction in Manhattan looking for deals on bank owned real estate.

The Negrons, a family of four, had been living in a small, two-bedroom apartment in the Bronx, but came away from the same auction with a three-bedroom house in Poughkeepsie. The house had been assessed at $265,000, but their bid of $125,000 was accepted. As George Negron told the Post, “I’m sad that somebody lost their home, but it’s our opportunity. Their misfortune is our fortune.”
Dugg on Forbes.com

It turns out that in the latest survey done by the National Association of Realtors, first-time buyers represented half of all purchases. So while the sad face of foreclosure can be a disturbing one, it also means many people will get to achieve the American dream of home ownership on the cheap. That neighborhoods will likely improve thanks to the arrival of owners more able to afford their mortgages will be an added bonus.

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Poughkeepsie, Dutchess County Foreclosure Chances are in the City

Reported in The Poughkeepsie Journal last week.

Mortgage messes provide chances

May 23, 2009

Mistakes, misjudgments and malfeasance all played a role in creating a mortgage crisis that has caused millions of Americans to either lose their homes or be on the brink of disaster.

Dutchess County, particularly the City of Poughkeepsie, has not been immune. It is therefore welcome news that Hudson River Housing will use $2.5 million in government grants to help stabilize housing in the city, particularly on the northside, which has been hit hard by mortgage foreclosures. …

Vacant homes harmful

…There are few things worse for a city neighborhood than vacant homes.

“We don’t want to have properties sitting vacant, which can then become sources of blight,” Hudson River Housing Executive Director Gail Webster said. According to Hudson River Housing, about 15 percent of households in the city have been affected by foreclosure. Its efforts will target the neighborhood that makes up the approximate area from Columbus Drive to Pershing Avenue between Montgomery Street and Cottage Street, which the U.S. Department of Housing and Urban Development believes has the highest foreclosure risk.

Let’s hope Hudson River Housing’s plan keeps the area from declining further. It should also provide needed help for new families, who might not otherwise have the opportunity to become homeowners, allowing them to obtain affordable housing and use their pride in ownership to become part of a revitalized neighborhood.

New York Times focuses on Long Island Foreclosures

Long Island’s foreclosure rate during a 44-month period has been higher than the region’s. By DERRICK HENRY and JANET ROBERTS

Here are 3 paragraphs from the aforementioned article. Read the whole piece by clicking HERE.

Suffolk County had more homes in foreclosure between January 2005 and August 2008 — more than 19,000 — than any other county in the region. Suffolk also saw the steepest increase in foreclosure filings over that time. With 4.3 percent of residential properties in foreclosure at some point over the 44 months, Suffolk had the sixth-highest foreclosure rate, behind New Jersey’s Essex and Union Counties and the Bronx, Queens and Brooklyn.

The Hamptons have not been immune to foreclosure, with about 490 properties in foreclosure there from January 2005 through August 2008. But the rate — 1.3 percent of all residential properties — was among the lowest in the region. Since September 2008, lenders have filed more than 260 foreclosure actions on the East End, about 20 percent fewer than in the first eight months of 2008, according to The Long Island Real Estate Report.

While significantly lower than some of the nation’s worst spots for foreclosure…Long Island’s delinquency rate is among the highest in New York, the data show. Suffolk’s March rate was tied for second highest with the Bronx, only slightly lower than the rate in Sullivan County.

Long Island Suffolk County Foreclosures Increase

Long Island Business News reported yesterday that…

In March, the month in which most lenders lifted the moratorium, foreclosure filings were the highest on record - 341,180 foreclosures nationwide, according to Irvine, Calif.-based RealtyTrac, which tracks foreclosure filings.

“Since much of this activity was in new foreclosure actions, it suggests that many lenders were holding off on executing foreclosures due to industry moratoria and legislative delays,” James Saccacio, chief executive of Realty Trac, said in a statement.

On Long Island, foreclosures in the first quarter spiked 77 percent over the same period last year, with 943 foreclosures in Nassau and Suffolk counties, according to PropertyShark.com. Foreclosures on the Island had dropped at the end of last year, when several banks put the moratoriums in place.

Foreclosure Inventories Up

DS News reported that foreclosure inventories experienced the highest monthly increase in nearly three years, LPS [Lender Processing Services] reported. The company said March’s foreclosure rate of 2.52 percent, reflects a month-over-month increase of 12.8 percent and a year-over-year increase of 87.8 percent.

Pre foreclosure, Lis Pendens Report April 2009 East end, Long Island

The following data was collected from The Real Estate Report, and offers a glimpse into potential distressed properties that may be upcoming:

Amagansett, NY: 1; $1.610M
Aquebogue, NY: 1; $225k
Baiting Hollow, NY: 1; $348k
Bridgehampton, NY: 4; $1M; $2.128M; $555k; $130,953k
Calverton, NY: 1; $322k
East Hampton: 13; $1.3M; $512k; $400k; $1.95M; $900k; $873,750k; $580,880k; $423.5k; $185k; $ 2.2M; $600k; $480k; $300k
East Quogue: 3; $417k; $325.6k; $$999,999k
Eastport: 1; $145k
Flanders: 5; $359,305k; $132k; $505k; $300.5k; $54.5k
Hampton Bays, NY: 8; $556.2k; $440k; $300k; $750k; $560k; $431,259k; $392.7k; $300k
Jamesport, NY: 1; $840k
Mattituck, NY: 1; $750k
North Sea: 2; $450k; $100k
Remsenberg: 2; $297.5k; $290k
Riverhead: 6; $244k; $254.6k; $95k; $336k; $296k; $417k
Sag Harbor: 4; $543.7k; $2.713M; $501k; $657.8k
Southampton: 9; $724k; $669.9k; $692k; $396k; $970k; $650k; $568k; $200k; 470k
Southold, NY: 3; $384k; $500k; $1.4M
Speonk, NY: 1; $325k
Wading River: 3; $405k; $86.4k, $350k
Westhampton Beach/Westhampton: 4; $227.5k; $739.9k; $1.657M; $663k
Watermill: 1; $150k

TOTAL LIS PENDENS REPORTED for the East End of Long Island (Hamptons, North Fork) APRIL 1- APRIL 30, 2009: 74

The highest lis pendens activity occurred in East Hampton (13) followed by Southampton (9) and Riverhead (6).

Did Feinstein hook FDIC for Hubby?

The Washington Times
Tuesday, April 21, 2009
EXCLUSIVE: Senator’s husband’s firm cashes in on crisis
Chuck Neubauer

On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband’s [Richard Blum] real estate firm [CB Richard Ellis Group (CBRE)] a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms.

Read the entire article over here.

A Take on the Mortgage Crisis by T2 Partners

T2 Partners has provided this look at the current and future or ongoing mortgage, housing crisis.