I just listened to the latest podcast of the Housing Helix with an interview of
Rick Sharga, a foreclosure expert at Realtytrac. Apparently, one-third of all home mortgages in America are estimated to be upside-down (aka under water).
One other interesting tidbit on foreclosures-
In Texas, foreclosed homes are typically taken and auctioned off 21 days after the foreclosure is filed -- a very unforgiving timeframe.
New York is at the opposite extreme: the average time from first filing (generally a lis pendens)
of foreclosure until the date of sale/auction is 455 days! And it may get longer.
That can mean that someone can often live 18 months in a house without paying a mortgage.
as much as i'm involved every day in the NY Housing Market, those statistics are fascinating and mildly surprising to me.
Rick Sharga, a foreclosure expert at Realtytrac. Apparently, one-third of all home mortgages in America are estimated to be upside-down (aka under water).
One other interesting tidbit on foreclosures-
In Texas, foreclosed homes are typically taken and auctioned off 21 days after the foreclosure is filed -- a very unforgiving timeframe.
New York is at the opposite extreme: the average time from first filing (generally a lis pendens)
of foreclosure until the date of sale/auction is 455 days! And it may get longer.
That can mean that someone can often live 18 months in a house without paying a mortgage.
as much as i'm involved every day in the NY Housing Market, those statistics are fascinating and mildly surprising to me.
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