DataMarkets & Economy

New York State foreclosure inventory ranks 2nd highest in the nation

As of July, the NYC metro area ranked highest in the country in completed foreclosures and inventory
  • The national foreclosure rate in July was the lowest since August 2007.
  • New York State posted the second highest statewide share of foreclosures, at 3 percent of mortgaged homes.
  • Foreclosure inventory in the New York City metro dropped 26.6 percent annually to reach 2.8 percent of mortgaged homes.

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After years of consistent improvements, the national foreclosure rate is at its lowest level in nine years, according to CoreLogic’s July 2016 National Foreclosure Report. Thanks to loan modifications, a healthy labor market and upward housing trends, just 0.9 percent of mortgaged homes are in some state of foreclosure – the lowest rate announced since August 2007. “The U.S. Treasury’s Making Home Affordable program has contributed to the decline through permanent modifications, forbearance and foreclosure alternatives, which have assisted 2.5 million homeowners with first mortgages at risk of foreclosure since 2009,” CoreLogic Chief Economist Frank Nothaft said in a statement. In July 2016, 34,000 homes completed the foreclosure process, down 16.5 percent year-over-year and 3.9 percent from the month prior. The serious delinquency rate in the U.S. sat at 2.9 percent, the lowest since May 2016, according to the report. National foreclosure inventory is down 29....