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It will take more than 50 years to sell all of New York’s foreclosed homes

You’re probably sick of me going on about avoiding US property but I still get messages in my inbox from people trying to encourage me and you to buy properties in the US.

I’ve written numerous blogs on the topic including 50 amazing numbers about the US economy you’ll find interesting but an article in Property Observer caught my attention when it revealed new statistics that show that it will take more than 50 years to sell all the foreclosed and delinquent homes in the states of New York and New Jersey at the current rate of foreclosure sales.

The pipeline of foreclosed properties for sale in New York is particularly lengthy due to the introduction of new state foreclosure rules in October that require lawyers bringing claims to file an affirmation that they themselves have taken reasonable steps to verify the accuracy of documents filed in support of residential foreclosures.

Since introduction of the new laws, New York foreclosure filings have slid to about 750 a month from around 3,500 per month prior to their introduction, USA Today reported.

57 years

The number of years it will take to sell all New York foreclosed homes

52 years

The number of years it will take to sell all New Jersey foreclosed homes

21 years

The number of years it will take to sell all Maryland foreclosed homes

20 years

The number of years it will take to sell all Connecticut foreclosed homes

18 years

The number of years it will take to sell all Vermont foreclosed homes

16 years

The number of years it will take to sell all Maine foreclosed homes

10 years

The number of years it will take to sell all Illinois foreclosed homes

3 years

The number of years it will take to sell all foreclosed homes in California, Nevada and Arizona.

I hope you’re not considering investing in US property!

Source: Property Observer



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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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