Since the 2008 housing crisis, 2012 has shown us a promising future. Foreclosures and short sales in NYC seemed to have been on the decline, as with the entire country. However, it seems that now, it’s not the case.

The state of New York is third in the country with a high number of residential mortgages in foreclosure or delinquent. 2013 marked a record high of NY homeowners losing their homes. There is one main reason for this – a backlog of delinquent mortgage loans. According to the   February RealtyTrac report, New York has increased their scheduled foreclosure auctions, up 77%. There are increased bank repossessions and default notices being issued as well. Foreclosures NYC activity has a 40% annual increase in activity.

According to the February RealtyTrac report, New York has 10,880 owner-vacated foreclosures. That’s the 2^nd highest in the country, with Illinois preceding, and New Jersey and Ohio following behind.

So, what does this mean? Until all this paperwork is straightened out, and homeowners start to look towards help from reputable companies such as Premier Real Estate NYC to help with pre-foreclosure issues, the foreclosures NYC trend will continue.

Find out more at Premierrealestatenyc.com