DataMarkets & Economy

New York foreclosure improvement lagging behind national average

NYC has the second-slowest decreasing foreclosure rate among the major metros studied
  • Twenty-nine states had foreclosure rates below the national average.
  • There were 38,000 completed foreclosures in May 2016, according to CoreLogic – up 5.5 percent from April 2016, but down 6.9 percent year-over-year.
  • New York City's foreclosure statistics were similar to the rest of the state's, with a foreclosure inventory of 3 percent and a delinquency rate of 5.5 percent in May.

Although still double the long-term average of 0.5 percent, the national foreclosure rate continued to fall to 1 percent in May, with many states seeing better outlooks than the national average in CoreLogic's May 2016 National Foreclosure Report. "Twenty-nine states had foreclosure rates below the national average, and all but North Dakota experienced declines in their foreclosure rate compared to the last year," CoreLogic Chief Economist Frank Nothaft said in a statement. There were 38,000 completed foreclosures in May 2016, according to CoreLogic -- up 5.5 percent from April 2016, but down 6.9 percent year-over-year. The seriously delinquency rate in the U.S. is also at its lowest rate in almost nine years, sitting at 2.8 percent in May. America's foreclosure rate is back to October 2007 levels, CoreLogic says. About 390,000 homes, or 1 percent of all homes with a mortgage, were at some stage of the foreclosure process in May -- a 24.5 percent decrease from Ma...