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LI foreclosure rates rise in March

A Mobile Foreclosure Prevention Center of the state

A Mobile Foreclosure Prevention Center of the state Department of Financial Services offers financially stressed home owners information on resolving their issues. The van was parked this past week at the Marjorie R. Post Community Park in Massapequa. (March 16, 2012) Credit: Ed Betz

Long Island foreclosure rates rose in March compared to the same period last year, according to a report Tuesday by data provider CoreLogic.

In Nassau and Suffolk counties, nearly 6.7 percent of homes with outstanding mortgage loans were in foreclosure, an increase of almost 1 percentage point compared to the same period in 2011.

The 90-day mortgage delinquency rate also increased during the same period, from just over 10 percent last March to nearly 10.4 percent in March 2012.

CoreLogic defines the foreclosure process as beginning when the lender sends a notice warning the homeowner that the loan is at least 90 days delinquent.
 

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