Staten Island is located in the Southwest part of the New York City. The total population of Staten Island in July 1, 2008 was 481,613. Because of the new development projects and nice economic situation, Staten Island is one of the better places for people to invest in real estate market. Also, there are quite a few opportunities for people interested in Staten Island foreclosures.
Speaking of foreclosures, you can see a great deal of changes in the entire real estate market of Staten Island. Foreclosures, in particular, have increased in recent years to a considerable amount. In fact, it has been found in some reports that the total foreclosures filings were seven times greater in Feb 07 till 2009 as compared to previous years. In fact, it was mentioned by an online data firm that foreclosure sales was increased in first two months of 2008 to a remarkable extent. In February 2008, the sales were 49 which moved from seven.
From economic point of view, that was a bad news but it was encouraging for investors. It is however essential to mention that last year, i.e. 2008, was not the same. There was a drop in foreclosure listings in the first two months of 2009. Precisely, the decrease in auctions was 9% – going down from 54 to 49. Another worth mentioning thing is that the Manhattan is the other borough experiencing a decrease in the number of foreclosure listings in that year.
All this is to imply that the real estate market in the entire New York State is quite strong. But, a change in economic conditions has always been affecting this market which is one of the reasons why ups and downs in Staten Island foreclosures are quite evident. It is only because of these ups and downs that a decrease in foreclosures in February 07 changed to an increase afterwards.
Same thing is to be expected this year. But, there are some efforts being taken by Federal Reserve Chairman to lower down the mortgage payments after convincing lenders – when mortgage payments are delayed, the end result will always be in foreclosures. Despite of the fact that officials are doing their best to help struggling homeowners it seems that Staten Island foreclosures are going to increase in coming years. So, chances to make some good money by investing in Staten Island real estate market are quite bright.
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