Foreclosures in Westchester County, NY have remained below the national average.
Check out the latest delinquency report from First American. In NY State actual foreclosures lag delinquencies by over one year. Since the delinquency rates have more than doubled over a year ago I would suggest the Foreclosures in Westchester County, NY will likely double as we enter the late spring and summer of 2011.
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As you can see in the chart below, During the 12 month period in 2009, Westchester County Foreclosures, REO, and Short Sales totaled 124 Single Family units out of 3133 total units, or just about 4%. During the first 6 months of 2010, Westchester County Foreclosures, REO, and Short Sales totaled 118 Single Family units out of 1591 total units, or just about 7.4 %.
I expect this trend will continue and we can expect the Foreclosures, REO and Short Sales in Westchester County, NY to reach the double digit percentages sometime in 2011.
As I compiled and reviewed the data below from the MLS for Westchester County, NY I found it interesting that the Single Family Active Inventory is comprised of only 4.5%. If we assume that at some point all Short Sales, Foreclosures and REO properties do sell and since not ALL active inventory sells we can see that the percent of Foreclosure, REO and Short Sales in Westchester County will increase.
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Have Foreclosures in Westchester County, NY impacted home pricing? Everyone continues to debate the pricing impact of Foreclosures, REO, and Short Sales. Check out the average sale prices in Westchester County:
The data suggests that there has been no impact on average prices of homes in Westchester County. Both the average price and price per square foot has risen.
Click here to see where the impact may be different. Remember Real Estate is very Local.
Now let's look at what has happened between 2009 and 2010 so far between Foreclosures/REO, Short Sale and Regular Units Sold:
There is a significant increase in REO and Short Sale units. Although average pricing for regular units shows an increase take a look at what is happening with the Foreclosure/REO and Short Sale Inventory...both average list price and average sold price have dropped significantly. If your client can handle the issues involved in Foreclosure/REO or Short Sales, there are deals out there.
Short Sale Homes in Yorktown, Westchester County, NY have
increased significantly from 2009. While there was 1 Short Sale in Yorktown, NY recorded in all of 2009 there have been 5 recorded Short Sales in the first six months of 2010. There are currently 14 Active Short Sale listings in Yorktown. Note their locations throughout the town.
If you would like to receive detailed information on available Short Sale or REO Homes in Yorktown, Westchester County, NY before they are gone, Call Us or Click on our photo to contact us:
Are Short Sale homes in Yorktown, NY are good value? I looked at both Active and Solds for REO or Bank Owned Homes along with Short Sale Homes in Yorktown, NY to answer this question. Here's that information:
The volume of Short Sale and REO sold homes in Yorktown, NY has increased from 2.8% of the sold homes in 2009 to 14.7% of the sold homes in 2010 and we’re only half way through 2010.
The average sale price as well as the price per square foot for Regular Sales, Short Sales and REO Sales in Yorktown has decreased for each of these categories when compared to the 2009 sales activity.
Short Sale Homes in Yorktown, NY have decreased 6.3% per square foot while regular home sales only decreased 2.8%.
The next question is will this trend continue? Here’s the current data:
There is an Active Inventory of 221 homes in Yorktown, NY and sales average about 10 a month. This is a 22 month supply of inventory.
Almost 7% of the active inventory is Short Sale homes in Yorktown, NY.
I have to conclude that these two issues will very likely keep prices down and offer good values to Buyers looking for Short Sale Homes in Yorktown, NY.
Click here to Check out what's happening with Westchester County Foreclosures, REO, and Short Sales.
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