City foreclosures, mortgage delinquency rates are on the rise: report

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New York City foreclosures among outstanding mortgage loans reached 4.19 percent in January, up 1.26 percent from January 2010 and 0.56 percent above the national average, according to a report released yesterday by CoreLogic. While most of Manhattan experienced foreclosure rates paled in comparison to the rest of the nation, foreclosure rates in Upper Manhattan and the outer boroughs were classified as high, or greater than 2.8 percent. Foreclosure rates for the New York-White Plains-Wayne, NY first surpassed 3 percent in July 2009. Meanwhile 7.65 percent of New Yorkers were more than 90 days late on a mortgage payment in January, 0.22 percent less than the national average, according to the study. Both the foreclosure and delinquency rates have risen every month since January 2009. TRD