|[October 25, 2004]
Foreclosures.com: Foreclosures Persist in New York City
SACRAMENTO, Calif. --(Business Wire)-- Oct. 25, 2004 -- California based Foreclosures.com, a real estate investment advisory firm specializing in distressed property, reported today that foreclosure activity, while down from the epidemic levels of 2003, is still a source of concern in New York City's middle class boroughs.
"There have been a total of 2,581 lis pendens filings through September 2004 in the seven county New York City metro area," said Foreclosures.com president Alexis McGee. "In the city itself, Queens recorded the highest number at 603." She pointed out that Queens also has the highest number of owner-occupied homes. "41% of Queens residents own their homes, while in the city as a whole, only 24% of dwellings are owner-occupied."
Ms. McGee went on to say that it looks as though the worst of the fallout from once rampant predatory lending is diminishing and that while foreclosure activity in the Big Apple is retreating to its baseline, many financially distressed families still face the loss of their homes.
"Every housing market has it's own foreclosure baseline," she said. "There are many reasons why a mortgage can go into default. Death, divorce, prolonged illness and unexpected job losses never go away. Those events are part of life."
Ms. McGee said that the mission of Foreclosures.com is to assist investors in locating troubled homeowners in order to help them sell their way out of foreclosure and conserve some equity for a new start. "We urge our clients to develop win-win scenarios that benefit both the homeowner and the investor. That's far better than seeing someone lose everything, including their credit, in a sheriff's sale on the courthouse steps."
Foreclosures.com has been tracking foreclosures and assisting investors at their website www.foreclosures.com since 1992. Their current lists of pre-foreclosure homes are available in the metro areas of California, Las Vegas NV, Phoenix AZ, Chicago IL, New York and New Jersey.
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