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80 NEW YORK NYC Delinquencies Show Record Rise in Q3 2017 New York City first-start foreclosures are up a record 79 percent year-over-year, with all five boroughs posting increases. Still, they are down from Q2 2017 by 6 percent, according to an October report by Property Shark. As stated in the report, "e number of first-time foreclosures in NYC surged 79% year-over-year in Q 3 2017-859 homes were scheduled, compared to 481 in Q 3 2016. After a peak in foreclosure activity in Q2 2017, with 911 new foreclosures scheduled across all 5 boroughs, Q 3 2017 brought a slight slowdown in the number of cases. is translates into a 6% decrease quarter-over-quarter, following a trend we've noticed when tracking foreclosure data as Q 3 is usually slower than Q2. By prop- erty type, single- and two-family homes have seen the highest increases in Q 3 2017." Staten Island, the Bronx, and Brooklyn recorded the number of foreclosed homes scheduled for auction "skyrocketed" year-over- year. Manhattan was relatively unchanged, while Queens showed only a "moderate" increase of 27 percent. e Bronx and Brooklyn had the greatest contribution to the overall increase of the New York City foreclosure numbers. In Q 3 of 2016, the Bronx posted 101 first-time foreclosures, while Brooklyn posted 94. In Q 3 of 2017, however, those numbers rose to 247 and 205, respectively. Narrowing the boroughs down further, the Bronx's foreclosure levels recently spiked. Ac- cording to Property Shark's report: "A record- high number of homes were scheduled for auction in Q 3 2017, representing a 145 percent increase compared to Q 3 2016. e number of cases in the Bronx kept relatively at the same levels for the past quarters with a spike in Q2 2016 but otherwise hovering around 100 homes per quarter or even lower than that. Back in the second quarter, the Bronx was the only borough that recorded a decrease in foreclosure activity. e situation changed drastically in Q 3 2017 when 247 homes were scheduled for the first time." For reference, 88 foreclosure starts occurred in the first quarter of 2017. at number rose to 118 in Q2, and finally to 247 in Q 3. Brooklyn also experienced a year-over-year increase in foreclosure starts at 118 percent, even though that number is down 22 percent from the previous quarter. "e first three quarters of 2017 were par- ticularly harsh for Brooklyn homeowners, es- pecially compared to the numbers we tracked over the past years. While in 2016 there were a total of 410 homes scheduled for auction in the borough, with only three quarters elapsed from 2017, there have already been 637 new foreclosures," said the report. In Staten Island, new foreclosures were up 246 percent year-over-year—nearly unprec- edented—although that number could be skewed by the fact that there were only 22 foreclosure starts this time last year. CIT Group Sells Reverse Mortgage Operation New York-based CIT Group Inc., who has recently been making moves to simplify its operations and become a regional commercial banking institution, announced in October that it will be selling Financial Freedom and the reverse-mortgage portfolio to an unnamed buyer. Financial Freedom has been a part of CIT group since August 2015 as a discontinued operation when CIT acquired OneWest Bank. Nearly $900 million in reverse-mortgage Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin whole loans, including real estate loans, are included in the deal as of June 30, 2017. ough the details of the deal were not disclosed, CIT expects it to close by mid-2018. "roughout this year, we have made con- tinued progress in transforming the company and applying our focus toward maximizing the potential of our commercial banking and deposit franchises, which are the core of our go-forward strategy," said Ellen R. Alemany, Chairwoman and CEO of CIT Group. CIT Group filed for bankruptcy in 2009 but has been streamlining its operations in order to simplify and improve efficiency. To begin that process, CIT announced in June its plan to sell its European Rail business and then in April sold stakes in the joint ventures with Tokyo Century Corporation and devised its aircraft leasing business. According to the report, since then, CIT Group has divested its Canadian, Brazilian, and Mexican businesses, among others. Due to the efforts the company has put in, analysts "seem to be bullish on the stock." "e company's to-be-reported quarter's earnings estimates have been revised 6.4 per- cent upward over the last 60 days," the report said. "Nonetheless, investors look skeptical about CIT Group's prospects. Shares of the company have gained 34.3 percent in a year's time, outperforming 27.9 percent rally for the industry." Senators Unveil Task Force to Combat Zombie Properties In a report from the New York State Senate released by Senators Jeff Klein (D-NY) and Jamaal Bailey (D-NY), a new task force called the "Nightmare Neighbor Task Force" was unveiled to address the effects of abandoned properties owned by banks in local New York communities. In the investigative report titled, "Night- mare Neighbors: How Badly Maintained Homes Damage Neighborhoods," New York officials detailed how abandoned properties lower the value of surrounding homes. "e foreclosure crisis continues to negatively impact neighborhoods in Mount Vernon. We have made great strides in elimi- nating zombie properties and holding financial institutions liable for the properties they own; however, there is still more to do. is joint task force and legislation will help Mount Ver- non homeowners maintain their home values and quality of life," said Senator Klein. New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com

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