Delinquencies and foreclosures
The delinquency rate for mortgages in New York, defined as loans 30 days
or more past due, was 5. 9 percent as of July 2018, according to CoreLogic’s Loan Performance Insights Report. That’s down from 7 percent
for the same month in 2017. The national rate for July 2018 was 4.1 percent. The foreclosure rate in the state stood at 1.6 percent in July 2018,
down from 2.2 percent for the same month the prior year. Nationwide,
0.5 percent of outstanding mortgages were in foreclosure as of this past
July, according to Core Logic.
The number of foreclosure filings as measured by auctions and homes
taken back by banks, or real estate owned (REO), totaled 28,662 last year,
according to Attom Data Solutions. While that’s lower than 2015 and
2016, it’s far higher than 2014, when 10,421 of these filings occurred. The
recent surge in filings is believed to be fueled, in part, by legacy foreclosures — the backlog of foreclosures cases from the housing-crisis era
that are only now clearing the court system.
New York suffered during the Great Recession, but not nearly as much
as the rest of the country. The unemployment rate for the state reached
8. 9 percent for three months from November 2009 to January 2010 and
then declined steadily, according to the U.S. Bureau of Labor Statistics.
The U.S. unemployment rate stayed above 9 percent for 30 straight
months during the recession.
New York’s unemployment rate declined to 4.1 percent as of September
2018. That’s slightly higher than the national rate, which stood at 3. 7 percent for the same month. The largest employment sectors in the state
are education and health services, which employs more than 2 million in
the state; trade, transportation and utilities, employing 1.58 million; and
professional and business services, with 1.3 million jobs.
Sources: Attom Data Solutions, Buffalo News, Business Insider, City of Rochester, CoreLogic,
Forbes, FXCM Market Insights, Investopedia, New York City Housing Preservation &
Development, New York State Association of Realtors, New York State Department of
Labor, Newsmax, One Region Forward, The (Albany) Times Union, The New York Times,
The Washington Post, U. S. Bureau of Economic Analysis, U. S. Bureau of Labor Statistics,
U. S. Census, Westchester Magazine, WKBW Buffalo
Jim Davis is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6030 or email@example.com.
Few cities in America have seen the highs and lows of Rochester.
The city of 208,000 first boomed when the Erie Canal opened in 1825.
The city later lucked out when film and camera company Eastman
Kodak opened its headquarters in the community. But the canal stopped serving downtown Rochester long ago. Kodak went
from employing 145,000 people at its peak to just 6,000 last year.
The household median income for the city was $31,684 as of 2016,
about half of the statewide household median income of $60,751.
The city benefits from being both the seat of state government for
the Empire State and the site of administration for the State University
of New York (SUNY) system, which has 64 colleges. The city also is
home to SUNY Albany’s College of Nanoscale Science and Engineering, which was founded in 2004 with goal of creating a research hub
around nanotechnology. The state has invested heavily in the tech sector in this city of 98,000. That investment has helped attract multiple
chip-manufacturing plants. The household median income in the city
as of 2016 stood at $42,335.
This city of 258,000 people is seeing heavy investment in its downtown
and waterfront, with a mix of condominiums, apartments and office
buildings. The auto industry has large plants in the area, including Ford
Motor Co.’s Stamping Plant, which manufactures hoods, bumpers and
other metal parts for cars and trucks. Buffalo Billion, a state investment
program, helped land a Tesla solar plant in the city, which aims to bring
5,000 new jobs in 10 years. The city’s median household income as of
2016 was $33, 119, a little more than half of the statewide household
3 Cities to Watch
New York Foreclosure Filings
Source: Attom Data Solutions
Auctions Defaults REO