But Judgments Remain Too High, Clerk Says
WHITE PLAINS, NY: Based on figures released today by Westchester County Clerk Timothy C. Idoni, foreclosure filings in 2016 were down 54.8% from their all-time high in 2009 (3,123), but judgments on foreclosure actions last year were the third highest of the past ten years. However, figures for the first quarter of 2017 indicate a 23.9% decrease in filings compared to last year’s first quarter, while judgments are down 15.1% from the same quarter last year.
Idoni said, “The figures in filings are certainly encouraging, showing that fewer homeowners are entering foreclosure. The judgment side is still too high, but we hope to see a decrease in those through fewer filings and increased awareness of counseling and financial options.”
Foreclosures still remain a major concern in Westchester County as many homeowners became over extended during the real estate bubble of 2005-07. Judgments had decreased precipitously for a few years as the courts tried to address a number of technical issues in the financial industries, including paper-work mistakes made in the rush to grant mortgages that could not be supported by the homeowners and borrowers.
Below are the foreclosure figures for the past five years and the first quarter of this year:
|2017 (1st Qtr.)||316||248|
County Clerk Idoni encourages those who are facing foreclosure to seek professional counseling as soon as possible to avoid missing legal deadlines or other technical hurdles in the foreclosure proceeding.