New York City’s REO Program – A Year On
Over a year ago the City of New York started a new program to facilitate home ownership for low- and medium-income families in some of New York’s hardest hit neighborhoods, thus preventing the further decline of those neighborhoods severely impacted by foreclosures. Under the REO Program, the City will use a third-party non-profit organization –…
Profitable deals emerge from banks unloading their REO inventory
In 2009, banks more than doubled the number of New York City properties unloaded from their REO inventories. 1,027 repossessed properties located in the five boroughs of New York City were sold by banks to private buyers or investor groups in 2009. That’s a 131% increase from the 444 properties the banks sold from their…
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