Foreclosure rates rose in New York

Nationally, clearing of shadow inventory a sign of stabilization
October 31, 2012 01:30PM

Foreclosure rates last month — as measured by foreclosure inventory as a percentage of all mortgaged homes — rose 0.9 percent, year over year,  in the state of New York, according to a CoreLogic report released today. The rate was down, month over month, to 5.3 percent, a 8.4 percent decrease from August’s rate of 5.79. Some 4,713 foreclosures were completed in New York during the 12 month period ending in September.

The New York-White Plains-Wayne, N.J. region’s rate of 5.8 percent ranks higher than the national foreclosure rate, which in September was 3.3 percent — nearly the same as in August.

The total number of completed foreclosures nationwide was revised to 59,000 from 57,000 total foreclosures for August; the total number of foreclosures in the U.S. fell to 57,000 in September.

“The continuing downward trend in foreclosures along with a gradual clearing of the shadow inventory are signs of stabilization and improvement in the housing market,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “Increasingly improving market conditions and industry and government policy are allowing distressed homeowners to pursue refinancing, loan modifications or short sales rather than foreclosures.” —Christopher Cameron