It has been one year since Hurricane Sandy, and New York area homeowners are still drowning in foreclosures, with Queens and Staten Island posting the biggest foreclosure notice surge. Per the New York Daily News:
"People whose homes were damaged are making the decision to walk away because it doesn’t make financial sense to keep making those mortgage payments," RealtyTrac vice president Daren Blomquist told the Daily News.
But even though Sandy has put more people at risk of losing their homes, the rise in foreclosures hasn’t been enough to put a dent in an overall strong local real estate market.
In fact, the median price of a home in September was up 16% in Queens and up 12% in Brooklyn compared with September 2012.
