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New York foreclosures are starting to be an issue. An example is the housing situation in Broome County, where 173 foreclosures were already filed from July up to September. For every 514 properties in the area, one home was being repossessed.
For 2008, an estimate of more than 50,000 people who own a property in the state of New York filed for foreclosure, specifically in Mid-Hudson Valley and in the western part of the state.
According to Comptroller Thomas DiNapoli, the increase in New York foreclosures can be a threat to state governments as the revenue comes from the 44 percent of tax properties.
DiNapoli indeed made sense because a property tax may increase if foreclosures in the state go higher.
Mayor Matthew T. Ryan said that 39 percent from tax properties will be accountable for Binghamton City’s estimated income for 2009.
New York is 36th in terms of foreclosures, particularly in the Mid-Hudson Valley, some parts of Southern Tier and Finger Lakes a year ago. Binghamton City is planning to increase 14 percent in tax property by 2009, which is 90 percent more than what was allowed by the Constitution. Ryan is hoping that the government will do something about it.
In every 423 properties in Finger Lakes, one home is being filed as foreclosed in 2008. One out of 514 properties in Broome County, and one out of 319 houses in Dutchess County. Orange County ranked as the highest in foreclosures as one home was filed as foreclosed for every 205 properties.
For 2008, majority in foreclosure filings came from six counties in upstate New York because of the number of mortgages considered as sub prime. A decrease of 31 percent in property sales from January to June of last year in New York City was considered very significant. Mid-Hudson ranked second with 28 percent.
Reports said that the properties are reasonably priced in the upstate area and majority are standard homes in place of luxurious homes due to foreclosures.
Well over 700,000 American families ( many of moderate income) have lost their homes in America because they were tricked into believing that they only had to make the minimum interest-only payment (ARM Negative Loan) but were not told that (due to the high interest rate) most of it would be deferred until it reached a point (in most cases after 2 or 3 years) where it got so high (and to the dismay of the homeowner) that there is no equity left in the home and the bank (after receiving several years of 10’s of thousands of dollars in minimum interest only payments) becomes the new owner of the home and the homeowners (many with children, senior citizens and those families who are taking care of their elderly parents., not to mention the suffering caused by this uprooting for the cat’s and dog’s who no longer have a home) are forced to hand over the keys & move out and it didn’t cost the bank a single penny.
Since I was 19 years of age, I was a proponent and attempted (back then) to convince U.S. Senator Jacob Javit’s to some how find a way to remove “In God We Trust” from the currency of our nation.
In my opinion, it should be “In Money We Trust”.
Our nation is based on Capitalism not God.
In my opinion, “The Change We Need” from President elect Barack Obama which I doubt very much he will do since he is a proponent of Moratorium’s which has been proven to only delay the unavoidable, is to federally mandate long term loan modification’s (interest) on behalf of “all Americans” with Sub Prime and ARM Negative (minimum payment deferred (home equity destroyer) interest mortgage loans at a fixed rate for 40 or 50 year’s to spread out the payments.
The majority of these loan’s (due to death, relocating of familie’s etc) would be paid off way before 40 or 50 years.
Leaving it up to the bank’s to do this is akin to putting the fox in the hen house to protect them.
“The Change We Need” must come from the Federal government.
This sub prime mortgage mess would have never happened if “We the People” who do not have high paying jobs would have been granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the moderate income working class people of our nation who for too long have been enslaved by bank’s and lending institution’s by high interest rates on money that they receive at a low interest rate from the Fed.
Our government will reap what is sow’s today and it would not surprise me that in the near future a 5th column in support of Al Qaida (“The enemy of my enemy is my friend”) will evolve within our own borders from some of the children of these American familie’s who watched our government bail out the bank’s & did nothing to help their parent’s from losing their homes to these very financial capatalist institution’s.