Real Estate

Mortgage Loan Delinquency Rate in Brooklyn Rose in Final Quarter of 2010...

“The mortgage loan delinquency rate in Brooklyn, the Bronx and Queens in the final quarter of 2010 was up from year-earlier levels, according to a recent quarterly analysis. The uptick could well lead to a rise in foreclosure activity in coming months. Brooklyn recorded the greatest increase in the percentage of borrowers 60 or more…

by Gabby
02/21/2011 0

“The mortgage loan delinquency rate in Brooklyn, the Bronx and Queens in the final quarter of 2010 was up from year-earlier levels, according to a recent quarterly analysis. The uptick could well lead to a rise in foreclosure activity in coming months. Brooklyn recorded the greatest increase in the percentage of borrowers 60 or more days past due with their mortgage payments with a 1.05 percentage point increase last year, according to data compiled by TransUnion, a Chicago-based credit and information management company….Despite last year’s rise in mortgage delinquencies in New York, foreclosures dropped drastically in the city as a whole, as well as in each borough. According to PropertyShark.com, new foreclosures were down 59% last month from a year ago citywide. But experts warn that the decline may not accurately represent the market conditions because banks implemented a temporary freeze in filings to examine their foreclosure processes.” -Crains

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