A recent article in the online real estate publication The Real Deal titled Underwater Homeowners Face Reality and Take Loss In Sales by Catherine Curan discusses how certain areas in New York City are outpacing the national average in short sale process. Realty Trac provided The Real Deal with an analysis of pre-foreclosure sales. The research established that approximately 75 percent of pre-foreclosure sales were short sales. A short sale is when a lender agrees to let a property sell for less than the total amount owed on the mortgage balance. The primary areas were in the Bronx, Brooklyn, Staten Island, and Queens. Manhattan had about 15 pre-foreclosure sales in the first quarter of 2010.
A recent report by Realty Trac as reported by The Real Deal states that the New York metro area ranks 15th in the country for home foreclosure sales.
We predict that Manhattan will see an increase in short sales. It is just a matter of time.
By Gordon Sokich
