Foreclosure Rate in New York State Drops--But Queens Supreme Court Still Did Their Thing
Well, some good news today on the nation wide foreclosure pandemic--New York State's foreclosure rate dropped a whopping 44 percent last month--while the rest of the country only dropped 2 percent--according to a report by RealtyTrac.
But let's not start celebrating yet, as this sudden drop is most likely related to procedural delays from after the holidays.
"It takes, on average, 348 to complete a foreclosure for many parts of the US, but in New York, the whole litigation process could take up to three years," said Derrick Johnson, a paralegal from Layman Legal Writing who attends auctions regularly. "That means drops in foreclosure rates for a month, or even several months, doesn't mean anything--because the system takes so damn long to complete."
Or maybe, the foreclosure blockades had something to do with it?
Meanwhile, Queen's Supreme Court--the site of the aforementioned protest last month--went about their business, selling a several Queens properties for way under market value.
1819 Palmetto Street, site of Apulum Restaurant and Bar--which, according to neighbors, was in operation for two years before abruptly closing four months ago--was sold for $210,000 to a private investor.
A two-story brownstone house with a private garage on 25-46 87 Street was sold for just $493,000 after two quick bids.
And the best deal of the day: 584 Seneca Avenue, another commercial space, went without a bid and went back to the bank, Bayview Loan Servicing, for only $1,000.
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