New York, NY – October 29, 2008 – (RealEstateRama) — In an effort to help residents of Queens remain in their homes and prevent foreclosure, New York City Comptroller William C. Thompson, Jr. will host his “Save Our Homes” initiative at St. John’s University, St. Louise de Marillac Hall, 8000 Utopia Parkway, on Saturday, November 1st from 10 AM – 3PM.
“While all corners of New York City have been affected during this housing crisis, Queens has undoubtedly suffered the most,” Thompson said. “We have seen the number of foreclosures more than double in our largest borough, so we must help as many people as we can remain in their homes.”
The latest figures according to Propertyshark.com show that as of August 2008, Queens had 113% more homes currently at the foreclosure auction stage (254) than in the same month a year ago (119). In addition, Queens accounted for more than 66% of all New York City homes at the foreclosure auction stage in August 2008.
Queens has also seen an 11% drop in average home sale price and a 35% decrease in the number of homes sold during the third quarter of this year. One-to-three family homes, mostly in southern, central and eastern Queens, are bearing the brunt of the decline, with sales plummeting almost 40% when compared to a year ago according a recent report by Prudential Douglas Elliman.
Saturday’s free event will provide homeowners with the opportunity to meet with financial servicers and learn ways to avoid foreclosure. If an attendee’s servicer is not present at the event, the Comptroller’s Office will conduct outreach on behalf of that individual to facilitate communications between the two parties. In addition, trained staffers from the Comptroller’s Office, non-profit groups, and legal service organizations will be on hand to offer advice to attendees.
“We see that more than fifty percent of people who enter foreclosure do so because they do not know where to turn,” Thompson said. “By bringing people face-to-face with financial servicers, we can create a dialogue between the parties and bring everyone one step closer to a solution.”
This month, the Comptroller released a revised job-loss forecast which stated that New York City could lose more than 165,000 jobs over the next two years. In addition, recent reports indicate that more families are becoming homeless as they face economic pressure and struggle with foreclosure.
Thompson has been at the forefront in working to help New Yorkers address foreclosure and acquire better financial skills. A year and a half ago, he launched a Foreclosure Prevention Helpline at (212) 669-4600. That Helpline has received more than 3,670 calls; 1,523 cases currently are open. A breakdown of cases follows:
| Queens | 481 | 31.58% |
| Brooklyn | 374 | 24.56% |
| Bronx | 96 | 12.87% |
| Staten Island | 145 | 9.52% |
| Manhattan | 33 | 2.17% |
| Outside NYC | 294 | 19.30% |
| TOTAL | 1,523 | 100% |
Additionally, the Comptroller recently published on his Web site – www.comptroller.nyc.gov – maps that show pockets of foreclosures throughout New York City. The maps illustrate that many foreclosures occur in areas that do not have adequate banking services.
“It is imperative that we provide the necessary financial assistance to those who need it,” Thompson said. “I encourage all to attend this event. Whether you are facing foreclosure or not, the services available are for everyone’s benefit.”
Last week, Thompson held a similar clinic at the College of Staten Island where more than one-hundred people took advantage of the services provided. More events are scheduled for the coming weeks, the next being:
Saturday, November 15, 2008
10 AM – 3 PM
Lehman College – Music Room
250 Bedford Park Blvd. West
Bronx, NY
