From the NY Daily News:
One year after Hurricane Sandy, New York area homeowners are drowning under a wave of foreclosure notices.
In a sign that Sandy victims can’t keep up with their mortgage payments or are choosing to abandon their battered homes, foreclosure activity in New York City and Long Island surged 33% in the first nine months of the year, compared with the same period last year, according to a special report from RealtyTrac.
“People whose homes were damaged are making the decision to walk away because it doesn’t make financial sense to keep making those mortgage payments,” RealtyTrac vice president Daren Blomquist told the Daily News.
The survey counted all types of foreclosure notices: default notices – which come early on when homeowners skip payments – scheduled auctions, and bank repossessions.
Not surprisingly, the two boroughs that got hit the worst, Queens and Staten Island, saw the biggest foreclosure notice surge. Activity was up 61% in Queens and 40% in Staten Island.
The number of homes hit with foreclosure papers in the Bronx rose 39%. The increase in Brooklyn was 28%.
Foreclosed homes sold by banks are going fast.
“There is a line of buyers to buy those homes because they are priced under the market,” Laffey said. “They are selling within a matter of days.”