The following are some of the key highlights for New York City, Long Island and the Hudson Valley presented in this release, as of March, 2011:
New York City:
- One in 10 residential mortgages in New York City is seriously delinquent (over 90 days delinquent or in foreclosure).
- The percent of mortgagees over 90 days delinquent has improved from 5.4 percent in February 2010 to 3.8 percent.
- House price indexes show year-over-year gains for Brooklyn and Manhattan as of February 2011. Queens and the Bronx, however, recorded year-over-year declines and Staten Island was unchanged.
- More than one in 10 mortgages on Long Island is seriously delinquent.
- The foreclosure rate for Long Island is 6.6 percent of mortgages.
- House price indexes show year-over-year declines, as of February 2011, with Suffolk County’s 1.3 percent decline, slightly worse than Nassau County’s 0.5 percent decline.
- 4.7 percent of mortgages in the Hudson Valley are in foreclosure.
- The percentage of mortgages over 90 days delinquent has been declining since late 2010, from a high of 4.9 percent to 3.8 percent.
- Year-over-year changes in house price indexes for select counties in the region vary from an increase of 1.3 percent in Westchester County to a decrease of 5.6 percent in Rockland County (as of February 2011).
“Mortgage delinquencies and foreclosures remain a serious concern for our region,” said Kausar Hamdani, senior vice president and head of Regional & Community Outreach at the Federal Reserve Bank of New York. “The Bank is committed to helping distressed homeowners by providing policymakers and other community stakeholders with accurate and comprehensive information to better address this issue that impacts the people in our District.”
Regional Mortgage Briefs also includes graphical displays of foreclosures rates, mortgage delinquencies and housing price index statistics by zip code for the Bronx, Brooklyn, Manhattan, Queens, Staten Island, Nassau County, and Suffolk County. The New York Fed expects to refresh Regional Mortgage Briefs with updated information and analysis as it becomes available. Regional Mortgage Briefs will be broadened to include Northern New Jersey and select Upstate New York metro areas in the near future.
About Regional Mortgage Briefs
Regional Mortgage Briefs is a new online resource designed to provide current and easy-to-use analytics on the mortgage and foreclosure conditions impacting the Federal Reserve’s Second District. This information is intended to help policy makers and other housing professionals make informed decisions and allocate resources more effectively in their communities.
About Regional & Community Outreach at the New York Fed
The Federal Reserve Bank of New York regional outreach mission is to promote sustained economic vitality by leveraging the Bank’s strengths to benefit the people in the District. The New York Fed is also active in maintaining connections with the District’s people and key communities in order to inform Bank policy decisions and build support for sound monetary and regulatory policy.