New York City Real Estate Blissfully Impervious to Foreclosure Drama -- So Far
While foreclosure issues (including a whole bunch of potentially fraudulent -- read, really, really bad --- practices that kicked people out of their homes) have housing markets in the rest of the nation in disarray, the New York City real estate market remains actually sort of...okay. As far as those things go.
According to Curbed, analyzing numbers from Property Shark, only 659 homes in New York City were scheduled for foreclosure auction for the first time in the most recent quarter of 2010. That's actually less than the preceding quarter, and way less than last year. Let no one say our housing market is not enduring -- or maybe the sketchy banks just knew better than to mess with New Yorkers.
Meanwhile, New York Attorney General and gubernatorial candidate Andrew Cuomo is going after the banks and the practice of "robo-signing," (signing without the proper review) which he calls a "fraud upon our courts and a slap in the face of New Yorkers struggling to get by in this economy."
If you are looking for a "foreclosure bargain," you'll do best with Queens and Staten Island. Manhattan had a mere 36 scheduled.