Foreclosures and Inventory in Westchester and Putnam Counties
The Foreclosure Cloud is hanging over the nation. There is a continuing worry about backlogged processing of foreclosed properties as well as yet-to-be-filed foreclosure actions. However, in the Westchester-Putnam real estate market, foreclosure activity to date appears not to have caused serious damage in terms of excess inventory or a depressed price structure. Banks are under a lot of pressure to clear out their records, but they understand the bad economic climate and would actually prefer to allow homeowners to get caught up.
Foreclosure filings recorded by the Westchester County Clerk’s office declined by 50% in the fourth quarter of 2010 compared to 2009, and by 42% in Putnam County. Many if not most filings are resolved through so called short sales. Realtors who are active in the short sale submarket report that while short sale transactions obviously yield lower sales prices than those obtained from normal market transactions, that fact does not necessarily result in a loss of value among the unimpaired properties as a class.
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