The percentage of residential loans in foreclosure in New York state increased for all types of loans in the second quarter, according to data released today by the Mortgage Bankers Association. The percentage of prime fixed-rate loans in foreclosure rose to 1.33 percent, while the percentage of adjustable-rate loans in foreclosure rose to 5.76 percent. For subprime loans, 31.32 percent of adjustable-rate mortgages were in foreclosure, while 8 percent of fixed subprime loans were in foreclosure. New York came in 23rd out of all 50 states in the number of delinquent loans and 25th in the number of foreclosures started in the quarter.
The delinquency rate for mortgage loans on New York residential properties stood at 8.11 percent at the end of the second quarter, not including loans in foreclosure, according to the data.
Of all the mortgages in the state, 11.7 percent, or 234,254, were delinquent or in foreclosure, according to Crain’s. TRD