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» VISIT US ONLINE @ DSNEWS.COM 79 causing significant taxpayer expenses in the communities where these properties are located. Under current New York law, property maintenance is the responsibility of the property's owner—thus when the property is abandoned, it falls into disrepair and not only breeds more blight, but often becomes a magnet for vandalism and violent crime. Banks and servicers are not required to maintain the properties in New York until a court declares the foreclosure process is complete, which often takes three years or longer. "e wave of zombie properties that arose in the wake of the financial crisis harms local communities and threatens the long-term health of the mortgage market," said Benjamin M. Lawsky, superintendent of financial services. "ese commonsense actions are an immediate and vital part of repairing that damage as we continue to pursue additional legislative reforms. We will work closely with local officials, mortgage companies, and other stakeholders to continue addressing the vital problem of zombie properties." Going forward, banks and mortgage companies will conduct an exterior inspection of a property within 60 days of delinquency to determine if it is vacant and abandoned, and the inspections will continue every 30 days thereafter. If a property is determined to be vacant and abandoned, the bank or mortgage company will change the lock, replace or board up windows, remove safety hazards, and make sure it complies with the New York maintenance code from that point forward. In April, New York Attorney General Eric Schneiderman introduced an expanded version of the previously introduced Abandoned Property Neighborhood Relief Act, which will require a mortgagee to provide homeowners with early notice that they are legally entitled to remain in their homes until the foreclosure process is complete (until a court orders them to leave), since many homeowners are unaware that they do not have to leave the house immediately when the foreclosure process begins. e bill would also require the mortgagee to take responsibility for maintenance of vacant properties soon after they are vacated, and not at the end of the foreclosure process, as called for by the current law. "Today's agreements are a welcome step forward in our fight to stop the epidemic of vacant 'zombie homes,' which have burdened our communities with maintenance costs, lowered property values, and crime," Schneiderman said. "I will continue to work with my colleagues in government across the state to pass our Abandoned Property Neighborhood Relief Act, a legislative solution that will codify today's reforms into law, provide meaningful enforcement, and give municipalities the resources to take back their streets. I applaud Superintendent Lawsky for moving the ball forward on this crucial issue." Pennsylvania RANK: 12 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate APRIL 2015 2.16% 1.93% 5.3 YEAR AGO 2.65% 2.45% 6 YEAR-OVER-YEAR CHANGE -18.3% -21.0% -0.7 Top County MONROE COUNTY 90+ Day Foreclosure Delinquency Rate Rate APRIL 2015 4.18% 7.02% YEAR AGO 5.34% 9.85% YEAR-OVER-YEAR CHANGE -21.9% -28.7% Top Core-Based Statistical Area EAST STROUDSBURG, PA 90+ Day Foreclosure Delinquency Rate Rate APRIL 2015 4.18% 7.02% YEAR AGO 5.34% 9.85% YEAR-OVER-YEAR CHANGE -21.9% -28.7% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2015 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary March 2015 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Rhode Island RANK: 16 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate APRIL 2015 3.33% 1.86% 6.1 YEAR AGO 3.73% 2.47% 8.1 YEAR-OVER-YEAR CHANGE -10.7% -24.8% -2 Top County PROVIDENCE COUNTY 90+ Day Foreclosure Delinquency Rate Rate APRIL 2015 4.05% 2.37% YEAR AGO 4.60% 2.96% YEAR-OVER-YEAR CHANGE -12.0% -20.0% Top Core-Based Statistical Area PROVIDENCE-WARWICK, RI-MA 90+ Day Foreclosure Delinquency Rate Rate APRIL 2015 3.43% 2.10% YEAR AGO 3.73% 2.47% YEAR-OVER-YEAR CHANGE -8.0% -15.2% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2015 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary March 2015 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Vermont RANK: 11 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate APRIL 2015 1.45% 1.96% 3.6 YEAR AGO 1.77% 2.61% 4 YEAR-OVER-YEAR CHANGE -17.7% -25.0% -0.4 Top County GRAND ISLE COUNTY 90+ Day Foreclosure Delinquency Rate Rate APRIL 2015 1.80% 4.57% YEAR AGO 2.36% 5.54% YEAR-OVER-YEAR CHANGE -23.7% -17.4% Top Core-Based Statistical Area RUTLAND, VT 90+ Day Foreclosure Delinquency Rate Rate APRIL 2015 1.97% 2.90% YEAR AGO 2.49% 3.89% YEAR-OVER-YEAR CHANGE -20.6% -25.4% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2015 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary March 2015 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Pennsylvania's foreclosure inventory rate as of April 2015, slightly above the national average for the month of 1.4 percent. Pennsylvania's serious delinquency rate, 4.5 percent, was nearly a full percentage point above the national rate of 3.6 percent for April. Source: CoreLogic STAT INSIGHT 1.8%

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