Albany, NY – Nearly 69,000 home loans in New York are at imminent risk of foreclosure, a situation that an advocacy group said today could lead to a “tsunami” of foreclosures over the next year or two.
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The study by the Empire Justice Center in Albany is based on data provided by the Federal Reserve Bank of New York. The data cover about 55 percent of all mortgages in the state.
The study compares the number of homes currently in foreclosure in the state, nearly 80,000, with the number of mortgages at least 30 days delinquent as of last September, the group said.
Loans that are at least 90 days delinquent are at greatest risk of foreclosure.
The problem is most severe in New York City and Long Island, with 55,380 homes in foreclosure and 42,972 loans that are at least 90 days delinquent.
Compared to other states, New York has a relatively low per-capita foreclosure rate. However, the Empire Justice Center said the data shows the foreclosure crisis is barely even halfway over in the state.
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