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e state has also been moving to fight
urban blight and abandoned "zombie homes" in
a variety of ways. e state is considering fast-
tracking foreclosure laws as other states such
as Ohio and Maryland have, and in June 2016
Gov. Cuomo set up a consumer hotline to take
reports of zombie properties, of which there
are an estimated 6,000 within the state of New
York alone. According to a yearlong Newsday
analysis, vacant properties cost Long Island at
least $295 million in depreciated home values.
Recently, the LegalShield Foreclosure
Index, one of five indices tracking multiple
economic indicators published monthly by
LegalShield, dropped nearly 20 percent year-
over-year, showcasing a continued national
downward trend in foreclosure starts. According
to the Foreclosure Index, "a recent surge in long-
term interest rates has driven mortgage rates
to their highest levels since 2014, which could
lead to increased financial stress for homeown-
ers with an adjustable-rate mortgage. For the
time being, however, foreclosures are likely to
remain muted, as the LegalShield Foreclosure
Index—which is calibrated to provide an early
warning signal to the market of an impending
rise in foreclosure activity—points to minimal
foreclosure activity in the next 2-3 months."
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"Rising
vacancy rates
citywide are
a sign that,
overall, the
housing supply
is starting
to catch up
with demand,
helping to
relieve the
upward
pressure on
housing costs."
- Mark Willis,
Senior Policy Fellow, NYU Furman
Center on New York City vacancy rates
VERBOSITY
