New York, New Jersey foreclosures continue to climb

TRD 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

Maefield Development's Mark Siffin and 20 Times Square (Credit: Maefield)

Lender forecloses on Maefield’s billion-dollar Times Square project

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Home foreclosures dropped nearly 20% in Q3, report shows

Home foreclosures dropped nearly 20% in Q3, report shows

Manhattan’s 10019 zip code, which covers Midtown, Times Square, Herald Square and Midtown South, saw the most foreclosures in the borough with eight. (Credit: iStock)

Manhattan foreclosures soar 118%, driven by mortgage defaults

15 East 63rd Street and Oleg Cassini (Credit: Google Maps and Getty Images)

Oleg Cassini’s former UES headquarters faces foreclosure

Mayor Bill de Blasio and Frank Carone (Credit: Getty Images)

City tapped De Blasio donor to take over foreclosed properties

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Lenders in glass houses? Judge rules Maverick can’t foreclose on Chelsea property because it violated loan agreement

Foreclosure starts are up in 17 states and a number of major cities. (Credit: iStock)

Nationwide foreclosure rates continue to drop, but problem areas remain