Why is NY in top 5 foreclosures % in the nation?

Two things:

1) There's a lot of mortgages in New York State that aren't anywhere near New York City. I think you're conflating the two. The foreclosure rates I've seen for the City have generally been quite a bit lower than this.

2) The article contains the answer to your question:

"The foreclosure figures were so high in the region because New York, New Jersey and Connecticut all require that foreclosures be handled through court proceedings. These in turn were delayed by complaints about robo-signing: bank employees signing documents without knowing they were accurate."

So, basically there is a big backlog of foreclosures that haven't worked their way through the system.

Ever driven upstate?

New York State is not Manhattan. There are very poor sections of NY, such as areas of south Queens, and the infamous Columbia County.

jordyn,

Please avoid personal remarks.

I didn't "conflate" the two. My statement mentioned NY and not NYC.

I do see and understand the backlog and hence, I mentioned "All the constrained supply from last year is finally in the market".

Check out the link of : http://www.realtytrac.com/trendcenter/ny-trend.html
Kings county from Greater Metro NYC area had the largest new set of foreclosures in Oct 2011.

Cheers.

The pain is not equally shared. Nearly one-quarter of loans in foreclosure in Nassau and Suffolk Counties on Long Island are held by Latinos, and 22 percent by African-American borrowers. Low-income neighborhoods in New York City, White Plains, and Wayne, NJ had just 3 percent of the area’s home loans, but now have 16 percent of the mortgages more than 60 days delinquent or in foreclosure.

Read more: http://www.nypost.com/p/news/business/ny_home_loan_woes_hit_mark_GiYwNF0O1QugnqnknJUskO#ixzz1eMBINuXv

"Please avoid personal remarks."

Huh? Do you think that conflating is some sort of bizarre sexual indiscretion that I'm accusing you of?

Jordyn, I did not think you were insulting anyone.

jordyn
about 3 hours ago
ignore this person
report abuse "Please avoid personal remarks."

Huh? Do you think that conflating is some sort of bizarre sexual indiscretion that I'm accusing you of?

your tone was patronizing and insulting and in the very second sentence of your response you dismiss op by carelessly suggesting he/she doesn't understand the issues. most people would be at least annoyed by that, at most probably avoid engaging you in the future unless they had to.

Wow, Lucille, you are hysterical. Not "ha-ha". Like, should be committed.

now he's a doctor making psychiatric diagnosis

Wow. Suddenly an innocuous word by jordyn and THAT is getting personal? ON HERE? With all the bickering and sniping and snarkiness on this forum THAT comment by Jordyn is suddenly too personal? I'm all for more decorum, but man, given the standards used around here for anyone to jump on Jordyn seems pretty outlandish to me. So now, once again instead of focusing on discussion of RE issues, we've gone to a new extreme and become offended next to nothing. Unbelievable. I don't get how some people function day to day given the strange way in which things are perceived. Ok... now jump all over me for this post.

Because Rochester, Albany, Binghamton are all fuckd. The other 10,000 towns you never even heard of? Even worse.

compared to where?

people here get personal with posters if they have some kind of history. op posted someting about nySTATE, jordyn missed that part, suggested op doesnt know the difference between nys and nyc and went on about nyc. op didn't like that none too much and said so, jordyn mocked him further, this time by including uncalled for sexual references, by suggesting op doesn't know the meaning of the word conflate.

and then there is you. the fool. the pretender. the ditz with spunk? or just an idiot.

My coop in Greenwich Village is up in arms because one of the shareholders is being foreclosed on or whatever the technical term is in a coop so things are a real mess now. first time in the 35 years I've been here.

"people here get personal with posters if they have some kind of history. op posted someting about nySTATE, jordyn missed that part, suggested op doesnt know the difference between nys and nyc and went on about nyc."

Actually, I didn't miss that's what the article was about--that was my whole point. The OP was, at best, ambiguous about whether it was intended to be about the city or the state. You can tell this because there are several other responses that all point out that OP is confusing the city and the state. Beyond that, I'm pretty sure the "constrained supply from last year" comment was about the city, so it's no surprise people thought the original question was about the city, because it was.

Pointing out that someone is confused (and actually answering the question, which I seem to be one of the few people on this thread to have attempted) is not a personal attack. Sorry the OP has thin skin; and it's pretty funny that you decry that people pile on when there's some history on the board (I have none with OP) while you appear to be doing exactly the same.

im not piliing on you much less decrying anything. you offended the guy, he expressed that much, you mocked him in response and seemed to still fail to understand what he found offensive. i was just clearing up your confusion.

that article is not realistic

manhattan is still a flipper's heaven

even in harlem, people are still asking peak bubble price

"im not piliing on you much less decrying anything. you offended the guy, he expressed that much, you mocked him in response and seemed to still fail to understand what he found offensive."

Actually, I was just searching for the personal attack. Being a bit snarky may be perceived as insulting, but it's not ad hominem.

still not piling up, but he didn't say personal attack. he said personal remark.

>columbiacounty
about 5 hours ago
ignore this person
report abuse and then there is you. the fool. the pretender. the ditz with spunk? or just an idiot.

Columbiacounty is so good at figuring people out.