New York has been relatively unscathed by the subprime mortgage crisis, but certain areas of Long Island are leading the state in terms of distressed mortgages — by far. New York has a distressed mortgage ratio — the ratio of nonprime distressed mortgages per 1,000 housing units — of 9.2, below the U.S. average of 10.4. Meanwhile, Suffolk and Nassau counties come in at 27.4 and 20.7, respectively, and are the only two New York counties among the Federal Reserve Bank’s top 50 for distressed mortgages. According to the New York Fed, the problem in Long Island is concentrated in certain zip codes: Brentwood, Central Islip and Uniondale are among the trouble spots. [WSJ]
Suffolk, Nassau lead state in distressed mortgages
May 11, 2010 08:47AM
