How current events impact your business and real estate holdings

Friday, November 26, 2010

There are approximately 78,000 pending foreclosure cases in NY

To read a fascinating report on the current state of foreclosures in NY brought to you by the Chief Administrator of the Courts click here.

Some highlights include the following:
  1. Over 20,000 more foreclosure cases were pending in 2010 than 2009;
  2. 40% of the total cases pending in Supreme Court Suffolk County are foreclosures;
  3. This year through October 42,536 foreclosure cases had settlement conferences;
  4. In 2010, the default rate on appearing at any point during a foreclosure case was 20% by homeowners;
  5. Only 27% of homeowners have representation during foreclosure settlement conferences; and
  6. This year through October only 4,062 settlements occurred in foreclosures. 

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