Westchester foreclosure actions rise 40 percent
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- January
- 4
Westchester County closed 2007 with foreclosure activity up 40.1 percent over the previous year, the county clerk’s office said yesterday.
There were 2,166 new foreclosure actions started in the county, up from 1,546 in 2006. The 2006 level itself was up 42.8 percent over 2005.
The number of foreclosure judgments by courts in 2007 also was up sharply. There were 707 judgments, up 60.7 percent from 2006. The figure was more than double the 300 foreclosure judgments in 2005.
Industry observers said the increase in subprime mortgage problems has contributed to higher foreclosures in the Lower Hudson Valley. Borrowers with less than perfect credit took the loans out to buy houses and multi-unit properties; they often fell behind in payments when the interest rates started to reset at higher levels in 2007.
In Rockland County, foreclosure filing were up 16.2 percent year over year through October, to 1,045 total. In Putnam, they were up 44.3 percent in that period, for a total of 368.
This entry was posted
on Friday, January 4th, 2008 at 6:22 pm by Jerry Gleeson.
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