WESTCHESTER COUNTY, N.Y. -- Fewer Westchester County homeowners have filed for foreclosure so far this year, a sign that residents may be recovering from the real estate bubble of 2005 to 2007.
Based on figures recently released by Westchester County Clerk Timothy C. Idoni, foreclosure filings in 2016 were down 54.8 percent from their all-time high in 2009 (3,123), but judgments on foreclosure actions last year were the third highest of the past 10 years.
However, figures for the first quarter of 2017 indicate a 23.9 percent decrease in filings compared to last year’s first quarter, while judgments are down 15.1 percent from the same quarter last year, Idoni said.
“The figures in filings are certainly encouraging, showing that fewer homeowners are entering foreclosure. The judgment side is still too high, but we hope to see a decrease in those through fewer filings and increased awareness of counseling and financial options,” Idoni said.
Idoni added that foreclosures still remain a major concern in Westchester County as many homeowners became overextended during the real estate bubble of 2005-07.
In addition, judgments had decreased for a few years as the courts tried to address a number of technical issues in the financial industries, including paperwork mistakes made in the rush to grant mortgages that could not be supported by the homeowners and borrowers, he said.
Idoni encourages residents who are facing foreclosure to seek professional counseling as soon as possible to avoid missing legal deadlines or other technical hurdles in the foreclosure proceeding.