One of the best indicators of the real estate sector in an area is the number of foreclosures that are happening. In the case of the city of New York, the number of foreclosures has gone up by 10% as compared to the same time last year. This is as per a survey by RealtyTrac and a study done by this organization during the same time. It is heartening to note that New York is still among the lowest in the US when it comes to foreclosure filings. During Q1, it was seen that 12,149 properties got a foreclosure filing in terms of scheduled auctions, bank repossessions or default notices and this is just 1 out of every 657 housing units in the state.

Across the country, it is average for 1 out of every 138 housing units to get some foreclosure action. So New York is much better off, and ranks 42nd among 50 states in terms of foreclosures. But the increased rate of foreclosures is some matter of concern, though. In the case of Nevada however, it is true that 1 in every 33 housing units gets some foreclosure action. This is the highest in the country even though the rate has fallen 16%.

You Might Also Like

• Oregon is 11th on foreclosures list