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
Miami-Dade Mayor Daniella Levine Cava (Getty, iStock)
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Miami-Dade resumes pre-pandemic evictions after unannounced February break
CoStar Group Andrew C. Florance. (Getty)
CoStar revenue soars 19% after year of acquisitions
CoStar revenue soars 19% after year of acquisitions
Development site for Marker 27.  (Marketing materials from Rosewood Realty Group obtained by The Real Deal  /  Drone Photo by Frank Galasso, Vertical Media)
To stop foreclosure, Westchester condo developer files for bankruptcy
To stop foreclosure, Westchester condo developer files for bankruptcy
CoStar's Andy Florance and CoreLogic’s Frank D. Martell (Photos via Getty; Twitter)
CoStar offers $6.9B to buy CoreLogic
CoStar offers $6.9B to buy CoreLogic
From left: CoreLogic CEO Frank Martell, Stone Point Capital CEO Charles Davis and Insight Partners' Deven Parekh (Getty; Stone Point; Insight; iStock)
CoreLogic finds buyer in $6B deal
CoreLogic finds buyer in $6B deal
117 Northeast First Avenue (Getty, Gut Miami via Twitter)
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
161 Maiden Lane, Fortis CEO Jonathan Landau and Bank Leumi CEO Avner Mendelson (Hill West Architects; Fortis; Bank Leumi)
“Leaning” Seaport condo facing foreclosure on $120M loan
“Leaning” Seaport condo facing foreclosure on $120M loan
Denizen Bushwick at 54 Noll Street (Photo via Google Maps)
All Year Management in default on $170 million Brooklyn mortgage
All Year Management in default on $170 million Brooklyn mortgage
arrow_forward_ios

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

Loading...