Foreclosures in New York 2024: Navigating Legislation, Trends, and Support Plans

Foreclosures in New York start this year 2024 with a panorama where economic changes, regional trends, and support plans converge for those properties that start or are in the process of foreclosure.

Currently, the State of New York is reviewing the existing legislation regarding abuses in foreclosures, which creates an atmosphere of indecision for homeowners as they ultimately do not know how that law, which helped overcome the challenges brought by the pandemic, will be modified.

Foreclosure processes have been increasing by approximately 12% this year, and although this aligns with the national trend, this increase is not significant, leading to the conclusion that there is normal economic stability among homeowners and that these homeowners may also be making use of government programs that provide advice throughout the foreclosure process.

In general terms, the market for properties in pre-foreclosure and foreclosure is diverse because many investors buy properties at low prices that are in pre-foreclosure, thus obtaining gains almost from the moment of purchase. For these homeowners, the local government presents programs with very simple requirements to start specialized support. All of the above creates a balanced scenario in the foreclosure market.

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