The Real Deal New York

Distress grows higher in New York-area properties

June 26, 2012 09:30AM

The foreclosure rate in the New York-area continues to rise even as the national rate falls, according to data released today by CoreLogic. The New York-White Plains-Wayne, N.J. foreclosure rate stood at 5.50 percent in April, up from 5.08 percent during the same period a year ago and 61.3 percent greater than the nation’s 3.41 percent rate, which is actually a slight decline from April 2011.

New York-White Plains-Wayne, N.J. foreclosure rate did fall by 0.03 percentage points from March’s 5.53 percent reading, which was the highest since the recent foreclosure onslaught began. Foreclosure inventory is also growing in the region, previous reports have shown, which could apply downward pressure to prices.

The area’s 90-plus day delinquency rate also increased, jumping 25 basis points to 8.66 percent. Nationwide, the 90-plus day delinquency rate fell by a third of a percentage point to 7.07.

Statewide, the foreclosure rate rose 0.71 points in the last year to 4.84 percent and the delinquency rate grew by 0.52 percentage points to 7.97 percent. — Adam Fusfeld