foreclosure home for sale

Staten Island foreclosure homes are hitting the headlines. It is part of the foreclosure crisis that is sweeping across USA. Staten Island is a New York City borough. It is an island surrounded by the sea. New York Bay separates it from New York City. Among all the boroughs it has the least number of residents but is the third largest in size. Staten Island is an extension of Richmond County. Many residents feel that the island has been neglected by the city authorities and so that they called it “the forgotten borough”. But the housing crisis has not forgotten it as the growing number of Staten Island foreclosure homes indicates. The free ferry service is the only main link between the island and the mainland. It takes 30 minutes to cross the distance.

The many Staten Island foreclosure homes are opening up opportunities for investors looking for affordable housing. There was an increase in number of foreclosure homes in 2007. It was 113% increase over February 2007. Thus Staten Island foreclosure homes make the market for buyers attractive.

One of the latest victims of Staten Island foreclosure homes is the Staten Island Hotel situated in Graniteville. Foreclosure proceedings have started against the hotel owners. Many lenders are seeking to realize unpaid dues worth $10.7 million that is inclusive of loans and interest. Leib Pretz of Brooklyn heavily invested in many projects in Staten Island. But with Staten Island foreclosure homes increasing few of his ventures are being spared. He soon got caught by the credit crunch and went into default. Puretz built 101 luxurious condos on Bay Street Landing in addition to 57 apartments. He was one of the prime investors in the hotel venture located in Richmond Avenue and paid $18.6 million for its ownership.

The pundits opine that before long more commercial properties will be swallowed up by foreclosures. John Hall, the attorney handling the foreclosure proceedings against the hotel said that he was expecting more of this to happen. He said, “A lot of people thought they could refinance every mortgage and the banks are being very strict in their underwriting today”. The representatives of Staten Island Chamber of Commerce said that the main complaint that business entities have today is that it is next to impossible to get capital these days.

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