New York, New Jersey foreclosures continue to climb

New York /
May.May 30, 2012 01:30 PM

While there was a year-over-year decline in completed foreclosures across the nation, New York and New Jersey again ranked among the five states with the highest foreclosure inventory rate in April 2012, according to data released today by CoreLogic. In fact, the foreclosure inventory rates in both New York and New Jersey increased slightly month-over-month.

Foreclosure inventory rate is the foreclosure inventory as a percentage of all mortgaged homes. Many have speculated that the number of foreclosed properties is growing in New York because of a large backlog of distressed properties created by the state’s slow judicial process.

New York’s foreclosure inventory rate now comes in at an even 5.0 percent, as opposed to last month’s 4.9 percent, which ties the state with Nevada for the fourth highest rate in the nation. New York’s foreclosure inventory rate gained 0.9 percent in percent point change since April 2011. There were a total of 3,524 completed foreclosures in the state for the year ending April 2012.

Florida came in with the highest foreclosure inventory last month at 12 percent, followed by New Jersey at 6.7 percent. Illinois took third place at 5.3 percent.

In the New York City-White Plains, N.Y.-Wayne, N.J. region, CoreLogic tallied a 5.6 percent foreclosure inventory rate, which marks a slight increase from last month’s 5.5 percent count. April’s percentage shows a 0.5 percent year-over-year percent point change increase. In total, there were 855 completed foreclosures in the metropolitan area year-over-year, up from last month’s sum of 838.

The five states with the highest number of foreclosures in the last 12 months are California with 142,000, Florida with 92,000, Michigan with 60,000, Texas with 58,000 and Georgia at 57,000. — Zachary Kussin


Related Articles

arrow_forward_ios
From left: Ace Hotel’s Brad Wilson and Omnia Group's David Paz along with 225 Bowery (Getty, Google Maps, Ace hotel, Omnia Group)
Bowery micro-hotel files for bankruptcy
Bowery micro-hotel files for bankruptcy
Madison Realty Capital's Brian Shatz, P.S. 64
Auction set for long-vacant East Village school as owner vows to fight
Auction set for long-vacant East Village school as owner vows to fight
From left: Starwood Capital’s Barry Sternlicht and Veracity Development’s Edmond Li along with 111 Mercer Street (Getty, Google Maps, Veracity Development)
Sternlicht’s LNR aims to foreclose on Veracity’s Soho condo
Sternlicht’s LNR aims to foreclose on Veracity’s Soho condo
DW Partners David Warren and 427 Marcy Avenue (Getty, DW Partners, Google Maps)
Bizarre bankruptcy stops Brooklyn condo project foreclosure
Bizarre bankruptcy stops Brooklyn condo project foreclosure
Salim Assa with 15 West 55th Street
Troubled Midtown rental saga headed for a foreclosure finale
Troubled Midtown rental saga headed for a foreclosure finale
Brooklyn District Attorney Eric Gonzalez charges disbarred lawyer with deed theft of 10 Pleasant Place in Ocean Hill, 1429 East 100th Street in Canarsie and 1100 Sutter Avenue in East New York.
Disbarred lawyer charged in deed theft scheme — again
Disbarred lawyer charged in deed theft scheme — again
Leslie J. Garfield’s Thomas Wexler with 163 East 64th Street (163 East 64th Street, Getty, Leslie Garfield)
Renaissance-inspired townhouse faces foreclosure
Renaissance-inspired townhouse faces foreclosure
Thor Equities' Joseph Sitt and Maverick’s David Aviram with 446 West 14th Street (Thor Equities, LinkedIn, Google Maps, Getty)
Sitt’s Thor Equities faces foreclosure on Meatpacking property
Sitt’s Thor Equities faces foreclosure on Meatpacking property
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...