Foreclosure Statistics

One in 10 NYC Mortgages Seriously Delinquent

Posted on Monday, July 4, 2011

I. One in 10 residential mortgages in New York City is seriously delinquent – meaning over 90 days delinquent or in foreclosure – according to an analysis of the regional housing market released this week by the Federal Reserve Bank of New York.
Part of a new online resource called Regional Mortgage Briefs, the data shows current housing conditions, including recent trends in mortgage delinquencies and foreclosures, for several areas, including New York City, Long Island, and the Hudson Valley.
“Mortgage delinquencies and foreclosures remain a serious concern for our region,” said Kausar Hamdani, SVP and head of regional and community outreach at the Federal Reserve Bank of New York.
“The bank is committed to helping distressed homeowners by providing policymakers and other community stakeholders with accurate and comprehensive information to better address this issue that impacts the people in our district,” Hamdani added.
The analysis also revealed that the number of New York City mortgagees over 90 days delinquent but not in foreclosure has improved from 5.4 percent in February 2010 to 3.8 percent as of March 2011.
According to the regional Fed’s report, house price indexes show year-over-year gains for Brooklyn and Manhattan as of February 2011. Queens and the Bronx, however, recorded year-over-year declines and Staten Island was unchanged.
In Long Island, more than one in 10 mortgages is seriously delinquent. The foreclosure rate there is 6.6 percent.
The area’s house price indexes show year-over-year declines, with Suffolk County’s annual 1.3 percent drop in February, slightly worse than Nassau County’s 0.5 percent decline.
In the Hudson Valley, 4.7 percent of mortgages are in foreclosure. The percentage of loans in the 90-plus day delinquency bucket has declined since late 2010 from a high of 4.9 percent to 3.8 percent.
In the Valley, year-over-year changes in house price indexes for select counties varied from an increase of 1.3 percent in Westchester County to a decrease of 5.6 percent in Rockland County (as of February 2011).
The New York Fed’s Regional Mortgage Briefs also includes graphical displays of foreclosure rates, mortgage delinquencies, and housing price index statistics by Zip code for the Bronx, Brooklyn, Manhattan, Queens, Staten Island, Nassau County, and Suffolk County.
The bank plans to broaden the analysis to include Northern New Jersey and select Upstate New York metro areas in the near future.
By: Heather Hill Cernoch DS NEWS



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