|Regional Mortgage Briefs|
Regional Mortgage Briefs is an online resource designed to provide up-to-date and accessible analytics on critical mortgage and foreclosure concerns impacting our region. This information will help policymakers and housing professionals make informed decisions and efficiently allocate resources.
|The combined four upstate New York counties of Albany, Erie, Monroe and Onondaga have a lower share of mortgages in foreclosure than the United States overall. Together, these four counties have 2.7 percent of mortgages in foreclosure as compared with 3.9 percent for the United States. While the share of loans 90 days or more delinquent—the point at which a foreclosure filing can be initiated—has generally trended down over the last 18 months, the flow of new loans becoming 90 days or more delinquent remains above pre-crisis levels. Housing values in these counties initially saw smaller declines than the state overall, however the subsequent price recovery has not sustained.
*For this analysis, we focus on four upstate counties (Albany, Erie, Monroe and Onondaga), containing some of the largest urban centers (the cities of Albany, Buffalo, Rochester and Syracuse, respectively.)
* Click each thumbnail to view chart. See corresponding highlight in left-hand column.
* Click chart to enlarge
Data include first-lien mortgages on 1-4 unit residential properties as of March 1, 2011. To approximate the full universe of residential mortgages, data are aggregated from two sources depending on mortgage type. The source of privately securitized mortgage data is CoreLogic LoanPerformance (LP); the source of data on all other mortgages is Lender Processing Services Mortgage Performance data (LPS).
These data do not represent the total number of residential mortgages in each geography but the unadjusted loan counts from the source databases. As of 3/1/2011, the data sets provided monthly loan-level information on approximately 34.9 million active loans in the United States, estimated at 65 percent of the total number of mortgages. However, coverage varies by category and geography.
The House Price Indexes at the county and zip code level are from CoreLogic LoanPerformance (LP). To mitigate small-sample concerns, we use a three-month moving average of the HPI that includes all sales in the zip code, including distressed sales.
Housing Unit data are owner-occupied data from the Census American Community Survey, 2005-2009 estimates.