Even though New York has largely escaped the very worst consequences of the foreclosure crisis, it has definitely had an impact on the Empire State, with a record number of foreclosures in New York being available for purchase at deeply discounted prices. There are so many repossessed homes around the state that it is easier than it has been in a very long time for consumers interested in relocating to the state or purchasing a home to find affordable housing, whether in or near New York City or in the state’s upstate cities. As one of the most expensive housing markets in the nation, REO homes present homebuyers with an affordable means of buying some of the country’s most desirable residential real estate.
Currently, the number of New York foreclosure listings on the website RealtyStore.com is an impressive 52,523. The highest numbers of foreclosures can be found in the suburban Long Island counties of Suffolk and Nassau as well as the Buffalo area (Erie County), Newburgh and other communities in Orange County.
There are especially large numbers of foreclosures in the ZIP codes 11706 (Bay Shore, Long Island), 11434 (in the New York City borough of Queens) and 11717 (Brentwood, Long Island).
New York is a large state with a lot of housing options in urban, suburban and rural areas alike. There are a lot of possibilities to choose from in terms of foreclosures in New York, as a quick perusal of New York foreclosure listings will reveal. Whether you’re interested in a home in New York City or Newburgh, Oyster Bay or Buffalo, buying a home in New York can be a lot more affordable than you may think thanks to bank-owned cheap homes.