Dutchess County, with over 280,150 residents is experiencing its share of the foreclosure misery that is affecting the rest of New York and the country as a whole. With foreclosures on the rise in Dutchess County the state is slow in responding with any kind of solution. Some housing experts yesterday warned that state lawmakers are running out of time to act, saying that New York now has 157 new foreclosure proceedings daily.
According to RealtyTrac about 14,000 foreclosure filings were registered in New York in the first three months of 2008, up 40 percent from the same period in 2007. Moreover, there were about 11,600 foreclosure filings among the top 10 counties during the first three months of the year.
What might the future of real estate look like in Dutchess county? New Day Consulting, a local real estate investors group, offered a unique perspective of what is happening in Dutchess County.
They stated the current foreclosure situation in Dutchess County is about on the same level, if not moderately above, with the rest of the nation.
No segment of society has gone unscathed with the highest priced properties being foreclosed at about the same rate as other types of residences as well as commercial real estate.
New Day Consulting also said that in their opinion the root cause of the local foreclosure problem is the same as what's been affecting the rest of New York and the entire country; adjustable rate mortgages (ARMs) resetting, coupled with the combined recent spike, and then moderate decrease in property values.
Foreclosures began a notable increase in mid-2007 and increased again in spring of 2008. Forecasters predict that New York, and the rest of the country for that matter, has not seen the peak in foreclosures and the trend may not flatten for another three years. In fact, the past twelve months have seen over a 50-percent increase.
New Day Consulting feels the state of New York has taken some steps, but is only offering a "Band-Aid- type" legislation thus far. Some feel the new legislation has thus far been more of a knee jerk reaction without providing long-term positive effects.
Dutchess County has experienced the painful realities of the ongoing foreclosure crisis, and unfortunately the crystal ball showing the future is still cloudy. Local real estate experts agree the worst may yet to happen. If, and until then, the best anybody can do is lay low and wait for the situation to improve.
Author Resource:-
SaveMeFromForeClosures.com is a leading source for solid information on how to avoid foreclosure and keep or sell your home. We specialize in helping people through this difficult time. We also offer information for individuals and businesses who desire to help homeowners facing foreclosure by offering help to stop foreclosure on a local level. Call 1-888-472-8380.
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