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Wednesday 7 December 2022
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Why Central New York’s Foreclosure Crisis Continues to Persist

House sinking in water , housing crisis,flooding, ect. conceptAcross the country, a little more than 50% of all prospective home buyers say they would prefer to purchase a brand-new home.

But for many people across Central New York, it’s a struggle just to hold on to their current houses, with the recession-era foreclosure crisis persisting and even worsening in some areas.

According to LocalSYR.com, the latest report from the New York State Office of the State Comptroller has found that across Upstate New York, the number of pending foreclosure cases has risen a stunning 47% between 2013 and 2015.

“The foreclosure crisis is far from resolved,” Comptroller Thomas DiNapoli said. “There are still too many people losing their homes. In many places, the situation has continued to get worse.”

New York City’s suburbs, Long Island and Central New York are the regions most affected by the crisis, the Insurance Journal reported. On Long Island, for example, pending foreclosures rose from 25,097 to 40,985; in Central New York, pending cases rose from 15,000 to more than 20,000. Some regions are relatively immune to the foreclosure trend, however, with the Finger Lakes region and Western New York boasting lower foreclosure rates.

Despite this news, there is some positive news for homeowners across New York State. The Comptroller’s office report found that pre-foreclosure notifications are on a decline. At the same time, the court system, attorney general and state financial regulators have adopted new policies and procedures to resolve foreclosure cases faster and get foreclosed homes back on the market for purchase.

And on August 14, the attorney general’s office unveiled even more good news. Its Homeowner Protection Program, a network of nearly 90 housing and legal advice agencies begun in 2012, has now helped 50,000 families statewide avoid losing their homes.

Given changes like these, New York State’s foreclosure troubles could soon subside, offering homeowners more financial security and allowing the state to catch up to the national housing market, which has almost fully recovered to its pre-recession state.