Chemung County, NY, Records 144 Active Pre-Foreclosures Over Past 12 Months
Chemung County, New York, currently has 144 active pre-foreclosures, indicating a segment of properties facing distress within its local housing market. This figure represents 0.7% of the total active pre-foreclosures across New York State, positioning Chemung County at #24 among the 61 counties in New York for pre-foreclosure activity. Investors and real estate professionals monitor these metrics closely as early indicators of potential distressed inventory.
County Overview
Over the past 12 months, Chemung County has seen 144 active pre-foreclosures, encompassing an equal number of parcels affected. This data, according to BatchData's Active Pre-Foreclosures Report, provides a snapshot of properties moving through the initial stages of the foreclosure process. The concentration of these properties offers insight into potential future opportunities for real estate investing, particularly for those specializing in distressed assets.
A closer look at the pre-foreclosure pipeline in Chemung County reveals a significant concentration in later stages. Properties under a Notice of Lis Pendens account for 133 of the active pre-foreclosures, representing a substantial 92.4% of the county's total. This stage signals that a lawsuit has been filed to enforce a lien or claim on the property, often preceding a Notice of Sale. In contrast, properties in the earliest stage, Notice of Default, total 11, making up 7.6% of the active pipeline. The heavy weighting towards Lis Pendens suggests that many pre-foreclosure cases in Chemung County are past the initial warning phase and are moving further along the path toward potential auction or short sale. This distribution is a crucial indicator for investors evaluating the maturity of distressed inventory.
Local Market Context
The composition of pre-foreclosures by property type in Chemung County largely reflects a residential focus, consistent with many local housing markets. Residential properties constitute the overwhelming majority, with 140 active pre-foreclosures, or 97.2% of the total. This highlights that individual homeowners and small landlords are primarily affected by pre-foreclosure activity in the area. Commercial properties follow with 2 pre-foreclosures, representing 1.4%, while Exempt and Office properties each account for 1 pre-foreclosure, or 0.7% respectively. This breakdown underscores the importance of analyzing specific property types when assessing market risk and opportunity.
Delving into more granular property types, single-family homes dominate the residential segment, with 124 active pre-foreclosures, comprising 86.1% of all pre-foreclosures in Chemung County. Duplex properties are also represented, with 10 active cases, or 6.9%. Other property types with smaller numbers include Rural/Agricultural Residence and Triplex properties, each with 2 pre-foreclosures (1.4%). Mixed-use properties (Commercial/Office/Residential), Cemetery properties, Neighborhood Shopping Centers/Strip Malls, and Mobile/Manufactured Homes each account for 1 active pre-foreclosure, at 0.7% apiece. For investors, understanding this specific mix, particularly the prevalence of single-family homes, is vital for lead generation strategies, especially when leveraging property data API solutions to identify potential targets.
Chemung County’s 144 active pre-foreclosures stand against a broader state total of 21,279 in New York and a national total of 283,909. While Chemung's contribution to these larger figures is modest at 0.7% of the state total, its specific internal dynamics, such as the high percentage of Lis Pendens, offer a localized view of distress. For those using pre-foreclosure data to identify prospects, this detail can inform whether to focus on early intervention or later-stage acquisition strategies. The county's pre-foreclosure activity provides a micro-level perspective that complements broader market reports and can be refined through tools like skip tracing to find property owners.