DataMarkets & Economy

CoreLogic: New York foreclosures in June

NYC has the second-slowest decreasing foreclosure rate among the major metros studied
  • June was the 56th straight month of year-over-year decline in completed foreclosures in the U.S.
  • The 38,000 completed foreclosures in June 2016 represents a 5.1 percent rise since May, but it also represents a year-over-year drop of 4.9 percent.
  • As of June 2016, New York State's foreclosure inventory was at 3.1 percent, and its serious delinquency rate was 5.6 percent, both of which are higher than national averages.

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There were 38,000 completed foreclosure nationally in the month of June, representing the 56th straight month of year-over-year decline, according to CoreLogic's June 2016 National Foreclosure Report. "The impact of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market " CoreLogic CEO and President Anand Nallathambi said in a statement. Although the 38,000 completed foreclosures in June 2016 represents a 5.1 percent rise since May, it also represents a year-over-year drop of 4.9 percent, according to CoreLogic. The seriously delinquency rate in the U.S. is also at its lowest rate in almost nine years, sitting at 2.8 percent in June. About 375,000 homes, or 1 percent of all homes with a mortgage, were at some stage of the foreclosure process in June -- a 25.9 percent decrease from June 2015's 507,000 homes in the same process. "We exp...