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
The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
Westchester office park owned by George Comfort & Sons slated for auction
Westchester office park owned by George Comfort & Sons slated for auction
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Inside the fight over New York’s foreclosure laws
Inside the fight over New York’s foreclosure laws
Inside the fight over New York’s foreclosure laws
1 St. Mark’s Place heads for foreclosure
1 St. Mark’s Place heads for foreclosure
1 St. Mark’s Place heads for foreclosure
Distrikt Hotel and Stephen Ellman of Zeichner Ellman & Krause (Tripadvisor, Flintlock, ZEK)
Midtown’s Distrikt Hotel heads for foreclosure as receiver named
Midtown’s Distrikt Hotel heads for foreclosure as receiver named
The Chetrit Organization’s Michael Chetrit, Harbor Group International CEO Jordan Slone and 850 Third Avenue (Harbor Group, 850thirdavenue)
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Madison Realty Capital's Josh Zegen, 1580 Nostrand Avenue and Hello Living CEO Eli Karp (Madison Realty Capital, Hello Living)
Madison Realty Capital aims to foreclose on Hello Living’s 1580 Nostrand Ave
Madison Realty Capital aims to foreclose on Hello Living’s 1580 Nostrand Ave
HFZ's Ziel Feldman (The XI)
HFZ set to lose stake in $2B XI condo project
HFZ set to lose stake in $2B XI condo project
arrow_forward_ios

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

Loading...