Westchester Foreclosure Filings Fell in 2016 But Judgments Remained Troublingly High
Real Estate In-Depth | April 12, 2017
WHITE PLAINS—Statistics released by the Westchester County Clerk’s office on April 10 point to a falling market share for foreclosed and distressed properties in Westchester County.
Westchester County Clerk Timothy C. Idoni reported that 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 in the past 10 years. Figures for the first quarter of 2017 point to even more improving conditions with a 23.9% decrease in foreclosure filings compared to last year’s first quarter, while judgments were 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, the County Clerk noted. 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.
County Clerk Idoni encouraged 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.
Westchester County Foreclosures 2012-2017
* First quarter only
Source: Westchester County Clerk’s Office.