Please ensure Javascript is enabled for purposes of website accessibility
Home / Today's Top Stories / Commission: Monroe County among hardest hit from foreclosures

Commission: Monroe County among hardest hit from foreclosures

Monroe County and the New York City/Long Island area have taken the biggest hit from mortgage-fraud foreclosures in New York, a state commission reported Thursday.

Commission: Monroe County among hardest hit from foreclosures

Monroe County and the New York City/Long Island area have taken the biggest hit from mortgage-fraud foreclosures in New York, a state commission reported Thursday.
Monroe County had 2,000 foreclosures in 2007, the New York State Commission of Investigation reported.
New York City accounted for half of the state’s 2007 foreclosures, with Long Island accounting for 24 percent, the commission reported. The downstate region, including Westchester County, accounted for 82 percent of all foreclosures in the state last year, the report states.
The report did not detail the number of foreclosures in New York City and Long Island, and did not provide a percentage for Monroe County.
Statewide foreclosure filings increased by 14 percent in the first quarter this year compared with the last three months of 2007, the commission reported.
Some 59 percent of New York foreclosures in 2007 involved subprime borrowers, the report states.
In February, the Rochester Business Journal reported that foreclosure filings in the city of Rochester dropped to 1,222 last year from 1,288 in 2006, and have seesawed over the past 10 years. By contrast, suburban Monroe County filings have been rising steadily, reaching 1,359 in 2007—up from 1,285 in 2006 and 652 in 1997.
In the city, sales of foreclosed properties have declined since 2002, following implementation of the Residential Foreclosure Action Plan, a program jointly developed by City Hall and the Rochester Housing Council to help homeowners targeted by foreclosure actions.

(c) 2008 Rochester Business Journal. Obtain permission to
reprint this article.

x

Check Also

Forecast for 2023: Expected recession may be swifter, softer than feared (access required)

As we say goodbye to November — another month when the U.S. Federal Reserve raised interest rates by three-quarters of ...

So much more than a store: Growth of Goodwill & employees at heart of it all (access required)

This year has been exciting for us at Goodwill of the Finger Lakes. We’ve seen a significant trajectory of growth ...

NextCorps’ Embark Accelerator positions Rochester as no-code software development hub (access required)

In its first year, Nextcorps’ Embark — a business accelerator program that fosters the startup of viable software companies — ...

Best Places to Work For DEI honorees announced (access required)

The Rochester Business Journal has announced the honorees for the inaugural Best Places to Work For DEI awards. This regional ...

SBEW logo

Small business hiring and worker wages hold steady in November, survey shows  (access required)

The rate of job growth and hourly earnings growth held relatively steady at U.S. small businesses in November, according to ...

FLCC expands network of community education sites (access required)

The Waterloo Community Center at 3 Oak St. will join the Macedon Public Library, Clifton Springs Library and other sites ...

College football’s gluttonous bowl schedule about to begin, perhaps sans numerous stars

Tis the season to be jolly — and bowled over by college football bowl games. Forty-one are scheduled for December ...