Repo homes

New York is both a State and a city. It is in the Mid-Atlantic and northeastern region of USA having oceanic borders with Rhode Island and Long Island as well as an international border with Canada.

New York City is known as the gateway for immigrants and a financial, cultural, transportation and manufacturing hub of USA. The metropolitan area makes it rank as the top urban area in the world. It is the headquarters of the UN. There are five boroughs in New York City. It is noted for round the clock transport services. About 170 languages are spoken in New York City.

In such a paradise of opulence and prosperity it beats common understanding why innumerable New York Repo homes are begging to be sold. New York Repo homes are part of the general wave of housing crisis that has been engulfing the nation. In New York, foreclosures may be through court or out of it. The more common procedure is judicial foreclosure. It takes about 15 months for it to run through its full course.

By New York Repo homes are meant those houses that have been repossessed by the lenders, usually the banks after having undergone foreclosure. The banks first try to sell these New York Repo homes at court or trustee auctions before repossessing them. But in today’s dull market there are no buyers for these New York Repo homes.

Although there are quite a few New York Repo homes the crisis is not so bad in New York as in other parts of the country. In February 2009 there were 1,700 New York Repo homes – the term covering broadly all the stages of foreclosure. It was an increase of 44% from January 2009 but a fall of 14% from February 2008.

The maximum numbers of New York Repo homes were in Manhattan with 331 units being served with a notice. It was a spike of 549% from January 2009 ad 402% from February 2008. But Manhattan represented a tiny fraction of all the foreclosed houses in the state. In Queens there were 556 foreclosures but the rate of this borough fell by 11% in comparison to January.

The national scene was not encouraging with foreclosures increasing by 30% within a year. It was a 6% spike from January 2009 to February 2009. This is rather surprising considering the various prevention measures that have been launched.

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