Six years after the financial meltdown, hundreds of thousands of New Yorkers remain at risk of foreclosure, particularly homeowners in low income neighborhoods and communities of color. This brief summarizes home foreclosure risk patterns across New York State, and updates our 2012 report, Foreclosures in New York: What’s Really Going On?
New York State requires mortgage servicers to send pre-foreclosure notices to homeowners, at least 90 days before commencing a foreclosure action. New Economy Project analyzed pre-foreclosure notice data and found that, in 2013:
Across New York State, lenders filed 267,466 pre-foreclosure notices. 69,514 (26.0%) notices were sent to New York City homeowners, and 67,762 (25.3%) were sent to homeowners in Long Island.
Foreclosure risk was highest in Long Island, New York City, Buffalo, Rochester and the Hudson Valley. More than two out of three (68%) pre-foreclosure notices were sent to homeowners in these areas.
Neighborhoods with the highest number of 90-day notices were majority non-white communities.
The brief includes maps and charts showing home foreclosure risk patterns in neighborhoods across NYC and NYS.