Regardless of the area of the state of New York from the south east where the population is most concentrated in Queens, The Bronx, Brooklyn, Manhattan, and Staten Island to upstate and across to Erie county, foreclosures have ravaged the value of all the real estate in the state.
The values of homes in New York are transitioning from the highs of the pre 2008 bubble while the fall out from mortgage crisis is still reverberating across the country. Real Estate prices are forecast to be at their lowest point by the third quarter of 2012. Before the prices are completely corrected and the market has stabilized is the best time to make as many real estate investments as possible. Trying to time the market perfectly will leave the slow investor out of the sweet spot of the market. The prices of homes in New York will continue to be affected by the number of and frequency of homes being foreclosed upon.
As all New Yorkers are aware of the state has the highest percentage of taxes in the country. Even with the dubious distinction of having the Nations highest income and punitive tax structure, New Yorkers have fallen behind on their mortgages at a rate somewhat lower than the national average which is attributable to the lower than average unemployment rate (8.2%) compared to the national average (9.2%).
This lower percentage of unemployment does not mean that New York is without a glut of foreclosures and opportunities for those looking at buying a foreclosure. Every price range, every county and city has been hit and will continue to feel the repercussions from the depressed real estate market, albeit at a lower overall percentage than the nation overall.
Foreclosure buying opportunities will continue as interest rates adjust on thousands of subprime mortgages that were taken on homes while downward pricing pressure eliminates the possibility of refinancing. Experts agree that this perfect storm of foreclosures will increase over the next several years.
You should be buying foreclosure properties now. New York is the third most populated state following only California and Texas which are both 4 times larger in geographic size. The overall population of New York has decreased over the past decade years as residents have immigrated to other states, namely Florida. This decreasing population has exacerbated the downward pressure on home values throughout the state but mainly in the counties outside of New York City. New York City has balanced the migration out with a new influx of immigrants from other countries which gives New York the second largest immigrant population after California.
Read more about how to buy foreclosures and educate yourself on the communities you are most interested in buying a foreclosure and start shopping here for the foreclosure home that meets your needs. If you are facing a pending foreclosure call a local real estate professional and determine what types of options you have. Your options will depend on your particular situation. Other variables in New York include where a home is located, density of that areas population, which can vary even in New York, how much is owed on the home and how much the particular home is worth in today's market. Real Estate markets in Albany, Buffalo, Rochester, Poughkeepsie, Hudson Valley, Syracuse, Utica-Rome, Binghampton, Kingston, Glen Falls, Ithaca and Elmira are the most stable in the state with some pockets of depression in each but with an average price which is more stable than the national average.
Q. Does the lower number of foreclosures mean that opportunities to buy a foreclosure are harder to come across?
A. No, New York has been and will continue to be a Mecca for immigrants from around the world as commerce has been historically strong. New citizens will need homes and a good investment in today's down market will result in a better upswing in the future.
Q. Has the average home in New York lost more of its value than in other places?
A. No, but this is good news as the real estate market proves to more predictable in e number will go up as People are more likely to let their home go to foreclosure and walk away the higher the percentage of lost equity and the more upside down they are on their mortgage. Recent initiatives have also created an environment which has placed the majority of the blame on the banks and removed the financial stigma of being foreclosed on.
Q. Why would New York be less affected by the mortgage crisis?
A. With a higher than average income, the third highest population in a relatively small area New York is uniquely positioned to offer great foreclosure real estate opportunities while offering a stable value and therefore less risk associated