DS News - U.S. Bank

82 NEW YORK New York City 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 had the number of foreclosed homes sched- uled for auction "skyrocket" 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. Quoting 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 rela- tively 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 situa- tion 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," the report stated. 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. Bank of BNY Mellon Releases Q3 Earnings During Q 3 2017 Bank of New York Mellon Corporation (BNY Mellon) reported a net income of $983 million, or $0.94 per diluted common share. e bank is up year-over-year (in Q 3 2016, the bank reported a net income of $974 million per diluted common share), as well as quarter-over-quarter (the bank reported $926 million in common net income in Q2 2017). In addition to a jump in earnings during the third quarter, the bank also saw a change in leadership with newly appointed CEO Charles W. Scharf. "Since arriving in July, I have been spend- ing time with clients, regulators, business leaders, and employees, listening and learning. Based on what I have seen, I like our business model and what we do," said Scharf. "While satisfied with our progress, our leadership team is not satisfied with our performance, as we see further opportunities to drive revenue growth and increase our efficiencies. We will do this while maintaining our strong capital position and continuing to deliver high returns to our shareholders." Total revenue for the quarter showed a two percent year-over-year increase to $4.02 billion with BNY Mellon returning more than $900 million to shareholders through share repurchases and dividends. e bank had a $6 million provision for credit losses during this time. In terms of mortgage performance, as of September 20, 2017, BNY Mellon had $80 mil- lion in nonperforming residential mortgages, compared to $84 million the previous quarter and $91 million at the end of December 2016. Overall, nonperforming assets decreased by $6 million compared with June 20, 2017 and 13 million compared with December 31, 2016. "Our third-quarter performance was consistent with our expectation and some areas showed reasonable growth, such as as- set servicing, clearing services, and investment management. Other areas underperformed, such as depositary receipts, which also reduced foreign exchange trading revenue," said Scharf. Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin 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 In October, New York Office of Community Planning and Development announced the state was receiving nearly $150 million in federal funding for affordable housing and economic development. According to U.S. News & World Report, New York City will get the bulk of the housing money–more than $53 million, and New York State will receive $45 million, or more than half, of the block grant for economic development. KNOW THIS

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