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NYC Foreclosures Hit 8-Year High — Cause for Concern or Fluke?

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The high-cost of housing may be taking its toll: foreclosures are surging in New York City. Is this a fluke or do NYC foreclosures show an early sign of trouble? NYC foreclosures might be cause for worry.Although a likely contributor might be rising interest rates, the effect doesn’t appear to be consistent nationwide.

Another sign of the trend, however, has appeared in plunging auto sales attributable to stricter credit terms and higher payments.

But while the decline in car sales was just over 4% annually nationwide, the rise in New York foreclosures was 58% annually.

Are NYC Foreclosures Accelerating?

And some parts of New York City have had seen an acceleration in foreclosures: They’ve soared 226% annually in Staten Island and 64% in Brooklyn from the first quarter of 2018 compared to the same period of time last year.

Both of these boroughs drove the overall increase in new cases across New York City — it went up 31% from the first quarter of 2017 to the first quarter of 2018.

Although housing in many parts of the country have been unaffordable for some time now, the most expensive real estate market in the U.S. is so far not seeing a spike in foreclosures like New York is. Home prices in the greater San Francisco Bay Area continue to keep climbing, but mortgage delinquencies keep falling, according to The San Jose Mercury News.

Although it’s possible that a national trend might emerge along the lines of what’s happening in the Big Apple, a likelier explanation for the spike in NYC foreclosures may have to do with local policies related to housing.

Readers, does the spike in NYC foreclosures concern you at all?

NYC foreclosures are accelerating -- should you worry yet?
Source: Dent Research

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Municipal Elections In New York Kick Off

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New York Elections

2016 presidential elections have been taking the spotlight in politics. However, there are many smaller municipal elections that are happening that may be a bit more important. Nov. 3 marks election day for New York and there are a few races that should be watched closely as a citizen of the state.

School board elections

Local elections are elections that affect the everyday life of citizens. Most importantly, the local elections affect the lives of children. One of the ballots being cast on Nov. 3 is for school board. By electing a school board official, people are practically able to choose who directs their child’s school and education. School board officials have a huge say in whether or not certain school rules and regulations pass.
Each school board has 7 to 9 seats and many zones have between one and four seats open on the board.

The importance of selecting the officials that affect children’s education is often overlooked, but election officials are urging voters to take time to go out and vote on Nov. 3 for their local officials.

Mayoral and council members

Another extremely important election locally is that of the mayor and other council members. A mayor is able to be the face of the council in the town. Council members are able to pass certain tax laws, laws about zoning, new buildings and budget laws.

There are many mayoral spots open throughout the state of New York. Election officials are pushing for voters to make their way to the ballot on or before Nov. 3.

Finding your local voting location is simple if you don’t know where it is located already. If you need more information on where you should go to vote, look here.