Foreclosure rates rose in New York

Nationally, clearing of shadow inventory a sign of stabilization

New York /
Oct.October 31, 2012 01:30 PM

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


Related Articles

arrow_forward_ios
Sugar Hill’s David Schwartz and 4300 Broadway (TerraCRG, Google Maps)
Major landlord Sugar Hill Capital faces Washington Heights foreclosure
Major landlord Sugar Hill Capital faces Washington Heights foreclosure
Pink Stone's Richard Ohebshalom with 180 Nassau Street (Rich Ohebshalom, Google Maps, Getty)
Pink Stone faces foreclosure on DoBro rental building
Pink Stone faces foreclosure on DoBro rental building
Commercial Real Estate, Foreclosures, Housing Market, Kathy Hochul
Lawmakers push Hochul to restore foreclosure statute of limitations
Lawmakers push Hochul to restore foreclosure statute of limitations
Urban Commons' Salvatore Takoushian and 2-10 West Street (Urban Commons, StreetEasy)
Urban Commons in danger of losing FiDi hotel
Urban Commons in danger of losing FiDi hotel
Eli Karp with 271 Lenox Avenue
Judge appoints receiver on Eli Karp’s Flatbush property
Judge appoints receiver on Eli Karp’s Flatbush property
From left: Hutton Capital's Ron Friedman, BridgeCity’s Allan Lebovits, Toby Moskovits, and Heritage Partners' Michael Lichtenstein along with 225-227 Grand Street in Brooklyn (Getty, Google Maps, Hutton Capital, BridgeCity, Heritage Partners)
Moskovits, Lichtenstein lose another Williamsburg property to bankruptcy
Moskovits, Lichtenstein lose another Williamsburg property to bankruptcy
From left: Omnia Group’s David Paz and Ace Hotel’s Brad Wilson along with 225 Bowery Street (Getty, Google Maps, LinkedIn/David Paz, LinkedIn/Brad Wilson)
Bowery micro-hotel faces foreclosure, $10M judgment
Bowery micro-hotel faces foreclosure, $10M judgment
From left: Arch Companies' Jeff Simpson and Hello Living's Eli Karp along with a rendering of 1580 Nostrand Avenue (Getty Images, Arch Companies, Hello Living)
Eli Karp’s Hello Living says goodbye to Flatbush project
Eli Karp’s Hello Living says goodbye to Flatbush 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...