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Tuesday, April 9, 2013

Is New York City The World's Deadbeat Capital?

Some new figures from the New York State Department of Financial Services indicate that strategic defaults on mortgages are occurring at an alarmingly high rate in the New York City metropolitan area.

Dr. Keith Jurow has a new article detailing this phenomenon.  But the most glaring numbers in his article are the preforeclosure notices.  

Jurow's analysis and scary commentary goes as follows:

I have reported in several previous articles that delinquent homeowners are continuing to walk away from their underwater properties. Nowhere is this done with more worry-free abandon than in the NYC metro. Take a look at these shocking new statistics that I have obtained from the NY State Division of Banking. They show the cumulative totals for pre-foreclosure notices sent to delinquent owner-occupants in New York City and Long Island.

Go to his article directly for the stats, but I'll throw out one statistic: In the fourth quarter of 2012 alone, over 100,000 first liens went into pre-foreclosure in New York City and Nassau and Suffolk Counties.  This is far higher than the quarterly figures in 2010-11.

If there is a housing recovery -- and certainly a refinance boom with historically low interest rates -- these figures couldn't provide more contradictory evidence.

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