NYC area sees uptick in mortgage delinquencies

Foreclosures and mortgage delinquencies in New York-White Plains-Wayne, N.J. increased slightly year-over-year in October, according to the newest national foreclosure report from CoreLogic.

In October 2012, the region’s foreclosure rate among outstanding mortgage loans was 5.65 percent, an increase of 0.2 percent from the same period last year. Moreover, New York-White Plains-Wayne’s foreclosure activity was substantially higher than the national average of 3.06 percent.

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Mortgage delinquency rates in the region also increased. The data shows that 8.77 percent of mortgage loans were 90 days or more delinquent, compared to 8.57 percent for the same period last year. The numbers did indicate a slight improvement from last quarter, however — delinquency rates in August and September were 8.89 percent and 8.87 percent, respectively. —Hiten Samtani