NY’s foreclosure backlog rivals that of Miami

Miami /
Mar.March 16, 2010 10:42 AM

Miami has a somewhat surprising peer in its foreclosure backlog rate: the comparatively unscathed New York metro area. The New York region has the second-largest backlog rate for bad loans among the country’s top 10 markets, according to a recent Barclays Capital report. With 21 percent of its loans still in the delinquency pipeline, the region, which thus far hasn’t been hit nearly as hard as Miami by price declines, could take just as long as the worst-off markets to recover as the dud loans work their way through the system. The Miami market also bears the weight of a substantial foreclosure backlog, the report says, having worked its way through just 18 percent of the process of liquidating its delinquent loans. The common ground likely stems from the judicial foreclosure process in states like New York and Florida. Since judges have to sign off on all foreclosures there, the process is more prone to delays.


Related Articles

arrow_forward_ios
(Credit: iStock)
New York City remains home to the world’s largest billionaire population
New York City remains home to the world’s largest billionaire population
Pebb sells Wellington retail center to MetLife for $74M
Pebb sells Wellington retail center to MetLife for $74M
Pebb sells Wellington retail center to MetLife for $74M
J.Lo paid high: Singer and A-Rod shell out $15.3M for new pad
J.Lo paid high: Singer and A-Rod shell out $15.3M for new pad
J.Lo paid high: Singer and A-Rod shell out $15.3M for new pad
Faena District backer said to be buyer of record-setting NY townhouse
Faena District backer said to be buyer of record-setting NY townhouse
Faena District backer said to be buyer of record-setting NY townhouse
Self-driving cars could kill parking garages. Here’s how developers are responding
Self-driving cars could kill parking garages. Here’s how developers are responding
Self-driving cars could kill parking garages. Here’s how developers are responding
Rents in major US cities fluctuate as much as 5.8% during the year
Rents in major US cities fluctuate as much as 5.8% during the year
Rents in major US cities fluctuate as much as 5.8% during the year
UK investment banker buys oceanfront Manalapan home
UK investment banker buys oceanfront Manalapan home
UK investment banker buys oceanfront Manalapan home
Condo developers encourage buyers to kick their cars to the curb
Condo developers encourage buyers to kick their cars to the curb
Condo developers encourage buyers to kick their cars to the curb
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...