The number of U.S. homeowners faced with foreclosure hit a five-year low in the third quarter of 2013, according to a report from the Mortgage Bankers Association.
While the number of delinquencies remains elevated compared to historical averages, only 5.7 percent of mortgages on one- to four-unit homes were at least 90 days past due at the end of September, down from 7 percent in the same period one year prior, the report shows.
The report also showed that the number of borrowers in trouble has continually fallen over the past two years.
But in New York, New Jersey, Florida and Illinois, the rate of foreclosures has declined more slowly than it has elsewhere in the nation. The four states alone accounted for almost 46 percent of loans in foreclosure at the end of the third quarter, despite accounting for fewer than 19 percent of all mortgages outstanding.
Long Island ranked third among metropolitan areas with the highest foreclosure rates, accounting for 7.2 percent of all mortgages in metro areas in the U.S. in some state of foreclosure. Miami was first with 11.4 percent, followed by Tampa, at 9.4 percent. [WSJ] — Julie Strickland