New York residents stay in foreclosed homes
Thousands of New York metro residents are still living in foreclosed homes, even after the home's ownership has reverted back to the bank. The New York Post has more:
In its first look at the phenomenon, foreclosure research firm RealtyTrac estimates that more than half of the 4,475 metro New York bank-owned properties are still occupied by the people who used to own them.
Seventy percent or more of bank-owned properties in the five boroughs are being lived in by their former owners. Nationwide, the total is 47 percent.