Foreclosure Epicenter Shifts to New York-New Jersey Area
Posted on Mar 12, 2015
New Jersey recently passed Florida as the state with the most foreclosures, with New York trailing closely behind in third place.
The Mortgage Bankers Association ("MBA") attributes the concentration of foreclosures in this extremely population dense metropolitan area to the delay by banks in initiating foreclosures. The MBA states that the process was in "suspended animation" for a long period of time.
Housing prices in New York and New Jersey remain depressed as a result of the continuing high foreclosure rates.