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Foreclosed residential properties in New York remained low last month compared with most U.S. states. The region was ranked 43rd in terms of foreclosure rate.

Despite the continuous concern over foreclosed residential property supplies, Western New York real estate is in good shape. Analysts reported that the commercial property market is doing well.

We use loan-level data from the New York City metropolitan area to examine the extent to which lenders attempted to prevent foreclosures with concessionary modifications during the Great Depression. We find no principal forgiveness in the sample and only a handful of concessionary mortgage modifications of other types. Far more mortgages terminated through foreclosure than received any sort of concessionary modification. The results indicate that there are significant impediments to renegotiation of residential mortgages beyond securitization. As such, less renegotiation seems unlikely to be a major cost of securitization of residential mortgages

Fewer pre repo properties and other residential property types were sold in some areas of New York last month. However, prices are up in most local markets.

Sep. 16th thru Sep. 22nd Assets to Be Sold: 462, Asset Type: Residential, Auction Type: Ballroom, Online , Webcast

Repo homes and foreclosed property numbers increased in Brooklyn in February 2011. This was despite a nationwide decline in foreclosures for the same period.