Foreclosure Topped 100K for the First Time in History in September

The Reuters reported that Foreclosure situation in the US has gotten worst ever. Here is an excerpt from the Reuters story.

The number of homes taken over by banks topped 100,000 for the first time in September, real estate data company RealtyTrac said last Thursday.

Banks foreclosed on 102,134 properties in September, the first single month above the century mark, RealtyTrac said. There were 347,420 total foreclosure filings in September, 3 percent higher than August and 1 percent higher than a year earlier.

For the third quarter, there were 930,437 foreclosure filings, an increase of 4 percent over the prior three months. One in every 139 homes received a foreclosure filing in the the quarter.

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This means that things are as difficult in Brooklyn NY as they are in other parts of the country. If you are selling a house in Brooklyn, especially in Bedford Stuyvesant or Bushwick, where so many foreclosure filings are recorded, you will have a really tough time. Because you are competing against a lot of foreclosures out there right now. Perhaps your property has been unsold for 8-10 months already at this point, which is NOT uncommon in this environment.

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Please Remember: All Information You Provide is strictly Confidential.

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