The Real Deal New York

NY’s foreclosure backlog rivals that of Miami

March 16, 2010 09:36AM

The New York metro area has the second-largest backlog rate for bad loans among the country’s top 10 markets, according to a recent Barclays Capital report. With 21 percent of its loans still in the delinquency pipeline, the region, which thus far hasn’t been hit as hard as others by price declines, could take longer to recover as the dud loans work their way through the system. The Miami market also bears the weight of a substantial foreclosure backlog, the report says, having worked its way through just 18 percent of the process of liquidating its delinquent loans. The common ground likely stems from the judicial foreclosure process in states like New York and Florida. Since judges have to sign off on all foreclosures there, the process is more prone to delays. [WSJ]


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