Tag Archives: New York

New York Gov. Andrew Cuomo has announced that the state, working through its Community Restoration Fund, has purchased 172 distressed mortgages in high-foreclosure areas, hoping to help keep the homeowners in their homes and avoid letting more abandoned properties fill ...

Manhattan, New York and Santa Barbara, California are among the most expensive places to buy a home, but the best places to rent, while Baltimore, Maryland and Clayton County, Georgia, are the best counties to buy a home according to ...

The U.S. got top marks for real estate market stability and capital appreciation, although New York slipped to second position as the city with the hottest properties for foreign investors in an annual survey.

A recent report examined the success of a Build it Back program, which restores homes destroyed by natural disasters. The program has been mostly successful, but some critics find it lacking in certain areas, such as build times and layout adherence. And even though nearly three-quarters of its docket has been completed, a high dropout rate is still a major struggle.

BlackRock Inc., along with 23 other investors of residential mortgage-backed securities, petitioned New York federal Judge Lorna G. Schofield to hear oral arguments to advance their case to class status as they seek to collect over $3 billion in lost assets from HSBC. The initial suit claims that HSBC did not do its due diligence in protecting certificate holders, and that they failed to ensure the home loans being sold from mortgage originators and sponsors to the trust were only selling debt from credit-worthy borrowers. The plaintiff’s claim that HSBC’s direct neglect was the cause of loses when default rates hit their peak during the housing crisis.

When it comes to prices, nothing tops New York. 83 of the 100 buildings with the highest property taxes are located in New York City, according to a recent study. Topping the list is the the General Motors Building, which paid a total of $71,681,674 in taxes in 2016.

Across the country, reports have come in showing decreases in foreclosure activity. In the New York City area, Property Shark reports foreclosures have dropped 15 percent year-over-year in Q1 2017. Most areas of the city note drops in foreclosure activity, except for Brooklyn. Brooklyn was the only borough of New York City to report an increase in foreclosures, increasing 24 percent over 2016.

Recent New York decision in federal court expected to speed up foreclosure process in that state and other states with similar foreclosure requirements as well.

The combined value of homes in America is more than the combined GDP of two of the world’s largest economies, according to one analysis.  

Some states have issued laws to combat urban blight but these laws may present new and different challenges to servicers.