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New York New Mexico rank: 15 90+ Day Delinquency Rate Foreclosure Rate december 2012 2.12% Unemployment Rate 3.53% 6.4% year ago 2.06% 3.99% Custom Loss Mitigation Services 7.0% percent point change 2.9% -11.6% -8.6% Michael J. Wallace Top County TorraNCe CouNTy 90+ Day Delinquency Rate 516.319.1600 mjwallace@wallacerealestatesolutions.com WallaceRealEstateSolutions.com Foreclosure Rate december 2012 2.38% 7.20% year ago 2.62% 6.21% IN THE NEWS percent point change -9.1% 16.0% Top Core-Based Statistical area GraNTS, NM 90+ Day Delinquency Rate Foreclosure Rate december 2012 1.72% 5.51% year ago 2.65% 5.14% percent point change -35.3% 7.2% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. New York rank: 3 90+ Day Delinquency Rate Foreclosure Rate december 2012 3.28% Unemployment Rate 6.07% 8.2% year ago 3.36% 5.78% 8.2% percent point change -2.4% 5.1% 0.0% Top County SullivaN CouNTY 90+ Day Delinquency Rate Foreclosure Rate december 2012 2.85% 3.50% year ago 3.33% 3.51% percent point change -14.6% -0.3% Top Core-Based Statistical area KiNgSToN, NY 90+ Day Delinquency Rate Foreclosure Rate december 2012 4.94% 8.54% year ago 4.95% 7.98% percent point change -0.2% note: 7.0% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 98 New York City���s Lead in the Housing Recovery May Soon Fade The nation���s housing market began recovering last year, but New York City���s housing market leaped into recovery a few years earlier in 2009, according to Capital Economics. While New York has outperformed the rest of the nation for the past couple years, Capital Economics suggests a reversal of this trend lies on the horizon. ���[R]elative to the national experience, New York City saw a bigger and longer house price boom, a shorter and shallower dip, and is now experiencing a stronger recovery,��� Capital Economics said in a report released January 28. Currently New York���s housing prices stand at about 20 percent above their lowest point during the recession. This is four times greater than the average price increase recorded across the nation. Transaction volume in New York has also risen about 20 percent from its recession trough, while, nationally, transaction volumes have risen about 13 percent. Despite this head start, Capital Economics said, ���All things considered, the short-tomedium-term outlook for NYC���s housing market is not as rosy as its recent past.��� ���Indeed we expect the city���s housing market to underperform the broader national recovery for a couple of years,��� the analytics firm stated. The reasons Capital Economics cited for its prediction are several and varied. ���Regulatory uncertainty��� and ���macroeconomic instability��� are two contributing factors. Any potential furtherance of problems in the euro-zone could deter foreign demand in the city. Additionally, as about 12 percent of the large metropolitan���s workforce is involved in the financial services industry, the city���s wage potential remains vulnerable to headwinds at home and abroad. A recent return to growth in the sector has helped the city of late, but Capital Economics suggests the industry may ���become less of a support of NYC housing��� moving forward. Another major factor impacting New York City���s housing market is the high level of foreclosures still working their way through the system. Capital Economics estimates there are about 190,000 homes in foreclosure in the city, and from November 2011 to November 2012, the metro area worked through 1,080. ���At this pace, it would take 175 years to clear the backlog of foreclosed homes!��� Capital Economics wrote in its report. Should the city speed up the process, the influx of inventory would put downward pressure on recent price increases. ���All in all, New York City���s housing market may not be particularly well placed to share in the strong housing recovery now taking place across most of the country,��� according to Capital Economics. STAT INSIGHT 152,375 Total home sales in New York from December 2011 to December 2012. Source: CoreLogic