The real estate market in 2020 was stolen by deed theft. Especially in NY 2020 was stolen in epic porportions using various means.
There wasn’t a widespread epidemic of real estate theft in 2020, but there were concerning trends of deed theft, particularly in New York City. This scam targets homeowners, especially in gentrifying areas, and steals their property through fraudulent means.
Here’s some additional information:
- In January of 2020, New York Attorney General Letitia James launched the “Protect Our Homes” initiative to address deed theft [1]. This included an interagency task force to investigate and prosecute these crimes.
- Deed theft disproportionately affects minority communities and often targets the elderly.
- Scammers may use tactics like forging signatures on deeds or tricking homeowners into signing away ownership unknowingly.
If you’re interested in learning more about deed theft, I can share some resources.
New York real estate in 2020 was a tale of two halves, significantly impacted by the COVID-19 pandemic:
- Early Disruption: The initial months saw a drop in sales activity. Between March and April 2020, closed sales plummeted by 50% compared to the previous year [1]. This slump coincided with the city’s lockdown to curb the spread of the virus.
- Unexpected Rebound: Despite the initial downturn, the market experienced a surprising turnaround by year’s end. December 2020 saw a 34.5% increase in closed sales compared to December 2019 [2]. This could be attributed to factors like:
- Lower interest rates
- Desire for more space due to remote work
- Shift in buyer preference towards outer boroughs like Brooklyn and Queens, which offered more affordability compared to Manhattan [1]
- Here are some additional points to consider:
- While overall sales dipped slightly for the year (0.9%), there was a shortage of inventory throughout 2020, with new listings failing to keep pace with rising buyer demand [3].
- The pandemic’s long-term effects on the New York real estate market were difficult to predict at the close of 2020.
If you’d like to explore specific aspects of the 2020 New York real estate market in more detail, let me know!