Foreclosure rates rose in New York

Nationally, clearing of shadow inventory a sign of stabilization

TRD 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

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

The Bluestone Group's Eli Tabak and 90-02 Queens Boulevard (Credit: Eli Tabak)

Bluestone buys Queens building for $85M at foreclosure auction