{"id":442265,"date":"2010-03-18T08:43:41","date_gmt":"2010-03-18T12:43:41","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=5473"},"modified":"2010-03-18T08:43:41","modified_gmt":"2010-03-18T12:43:41","slug":"brooklyn-foreclosure-investing-amid-slowdown-in-filings","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/442265","title":{"rendered":"Brooklyn Foreclosure Investing Amid Slowdown in Filings"},"content":{"rendered":"

Brooklyn foreclosure investing<\/a> is still viable despite a slowdown in delinquency and foreclosure filings in the area as Brooklyn remains an attractive place for people looking for rentals and homes to buy.<\/p>\n

\"Brooklyn<\/div>\n

Despite numbers of foreclosures that were never seen before in the boroughs of New York, the city remains one of the best centers for employment and economic growth. Also, the foreclosure situation in New York is not as bad as in other large cities where their populations have sharply gone down because of the departure of residents.<\/p>\n

In February, the number of foreclosure notices and pre-foreclosures in Brooklyn<\/a> dropped month-over-month by almost 29 percent to 495 filings, but increased by 5.8 percent compared to filings in February 2009.<\/p>\n

In Queens, foreclosure and default notices slowed down to 486 foreclosure filings, marking a 21-percent drop from January and a 12.6-percent compared to February last year.<\/p>\n

In the Bronx, default and foreclosure filings also declined, posting a 19.5-percent drop to 173 filings. The number also marked a seven-percent decrease from February 2009.<\/p>\n

Among the three boroughs, it was only Brooklyn which showed an increase in filings year-over-year, pushing up the possible number of distressed homes that will ultimately enter Brooklyn foreclosure listings<\/a>.<\/p>\n

For people planning to launch a business centered on Brooklyn foreclosure investing, they can still find a relatively large inventory of distressed properties<\/a> in the area. Foreclosure filings are still high compared to total filings in February 2009.<\/p>\n

Even Manhattan, which is rarely mentioned in foreclosure reports, had 63 foreclosure postings in February this year.<\/p>\n

Statewide, foreclosure activity also slowed down in February. Month-over-month, foreclosures fell by 29 percent. Compared to February last year, foreclosure activity dropped by 20 percent.<\/p>\n

According to foreclosure analysts, the state of New York has held up strongly during the foreclosure crisis<\/a> compared to other states. New York only got a lot of media mileage because of the prominence of New York City buildings and investors that fell into default, bankruptcy or foreclosure. These include the Ocelot and Stuyvesant affordable housing complexes.<\/p>\n

As one of the largest cities, New York also has been benefiting from nonprofits and individuals helping homeowners work out mortgage modifications. Moreover, the foreclosure prevention programs launched by Mayor Michael Bloomberg and Governor David Paterson in 2009 have been helping work out affordable repayment schemes for distressed homeowners.<\/p>\n

With available foreclosure inventory and strong prospects for growth, Brooklyn foreclosure investing is a profitable activity for people who can buy one or more units for renting out or for resale.<\/p>\n

Find great investments in other USA top cities:<\/p>\n