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Foreclosure Still a Problem in New York

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Foreclosure Still a Problem in New YorkThe number of New York residents who are 90 days or more behind on their monthly home loan payments fell over the course of 2010, but the number of those facing foreclosure also rose significantly, according to a study by New York State Comptroller Thomas DiNapoli. This change came even as the number of those facing new foreclosure actions fell, indicating that many in the state have been facing the threat of losing their property for some time and have been unable to address the problem.

“New York had a sharp drop in new foreclosure filings in 2010, but that drop can be attributed in part to a temporary suspension of foreclosure related activity, not an improvement in the market,” DiNapoli said. “The growing percentage of mortgages in the foreclosure process is a more precise indicator of the continuing fallout from the housing crisis and recession.”

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Prior to the beginning of the nationwide housing crisis, less than 1 percent of properties in New York State were 90 days or more delinquent on mortgage payments, but that number ballooned to almost 4.7 percent by the end of 2009, the report said. And even as that number declined over the course of 2010, 5.2 percent of homes in the state were in some form of foreclosure.

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However, New York was still significantly below the national average for both 90-day delinquencies and foreclosure, indicating that homeowners in the state are in better financial shape overall.

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