Ask the New York Appraiser

Real estate forclosure filings per Realty trac will be up 20% in 2011.  Foreclosures are expected to hit a peak but also bottom out in pricing.  2.87 million homeowners received notices of default, auction or repossesion in 2010.  Banks also seized more than 1 million homes in 2010.  Since 2006 approx. 3 million homes have been repossessed.  It is possible according to industry authorities that 6 million homes may be repossessed by 2013.  Additionally it should be noted that 5 million loans are in serious delinquent status.  The foreclosure pipeline however has been brought to a standstill due to the recent improper document filings known as "robosignings"  it may be some time before the housing market recovers and homeowners can refinance again.      

Rich Binkowski is a New York real estate appraiser specializing in Suffolk County NY, Nassau County NY, Queens County NY, Westchester County NY, Putnam County NY, Rockland County NY, Orange County NY, Dutchess County NY, and Ulster County NY appraisals. Rich is a 20-year veteran of the real estate industry.
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