Home Banking & Finance Westchester foreclosure filings, judgments down to start 2018

Westchester foreclosure filings, judgments down to start 2018

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Foreclosures are down, which means fortunes are up for the Westchester housing market

Foreclosure actions filed in Westchester County continued a five year decline to start 2018, while the number of court judgments on foreclosed properties continued to decline for the second straight year, according to the Westchester County Clerk’s office.

The 294 foreclosure filings registered in state Supreme Court in Westchester County from January through March represent a 7 percent decrease from the first quarter of 2017, the Clerk’s office reported. The 241 foreclosure judgements, meanwhile, is down 2.8 percent from first quarter 2017 numbers.

Filings have dropped significantly over the past five years, according to the Clerk’s office. Last year, there were 1,209 filings total, down from a peak of 2,696 in 2013.

Westchester County Clerk Timothy C. Idoni pointed to the numbers as an indication “that the days of massive refinancing and subsequent failures to meet obligations appear to have subsided.”

He called the report encouraging.

“We seem to be into a more stable financing market and resultant stability in mortgage payments,” Idoni said.  “Reduced foreclosures are good for our homeowners and the community as a whole.”

The Clerk’s office provide first quarter figures for the past four years:

Year                         Filings              Judgments

2015                         569                  267

2016                         415                  387

2017                         316                  248

2018                         294                  241

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