Brooklyn, NY (PRWEB) November 08, 2013
In a reversal of the typical trend, it was reported last week that regardless of the rise in foreclosure rates in certain portions of New York and Long Island where damage from hurricane Sandy was at its worst, home prices have continued to climb. According to Irvine, CA based RealtyTrac, the borough of Queens was hardest hit with the foreclosure increase. “Queens County reported the highest level of foreclosure activity through September 2013, up 61 percent from the same time period last year. Default notices in particular were up 71 percent, while auction notices increased 24 percent and bank-owned (REO) properties increased 26 percent from the previous year.”
Under typical economic law when the foreclosure rate rises, the value of real estate drops. This in part was the reason for the housing crash that took place following the financial crash of 2007. Today we are seeing something of a phenomena in that real estate prices continue to rise in conjunction with rising foreclosure rates. Gennady Litvin, founder of the Litvin Law Firm headquartered in Brooklyn, NY had this to say; “Nothing in the economy is surprising anymore. Our firm is working with many families that have become foreclosure victims as a result of super storm Sandy. The fact that their property continues to rise provides us with more ammunition to fight and reach a settlement with their mortgage holders. It would be significantly more difficult to negotiate with the banks if their property values were falling.”
Although with Queens leading the way with a 61% rise in foreclosures during the first nine months of 2013, the combined five boroughs and Long Island are showing a 33% increase in foreclosure notices and 60 day mortgage defaults. Litvin added, “These people are trying to put their lives back together and rebuild what is left of their homes. In some cases, insurance companies have been slow to pay claims. We need to pull together as a city and support our citizens when these types of tragedies occur”
Litvin Law Firm, P.C. has focused on foreclosure defense since the beginning of the housing crash. For more information visit http://www.litvinlaw.com.