Big cities: Big changes in foreclosure rates

Foreclosure rate: 1 for every 211
Change from 2008: Down 23.5%

Mortgage delinquencies have not plagued New York as much as most other cities. Gotham has several factors going for it that help fend foreclosures off.

Home prices have kept their gains fairly well. New York prices are off 21% from their peak, according to the S&P/Case-Shiller home price index.

Homeowner tenure is also a positive. Many New Yorkers have lived there for years and have amassed considerable home equity. And New York is a global city, which tends to prop up demand by attracting international buyers, according to First American's Mark Fleming. "That can help moderate housing markets," he said.

New York is also more stable because of the large number of co-op apartments. Co-op boards often require buyers to make down payments of 20% or more before approving sales, providing big equity cushions to fall back on.

Future foreclosure risk: Medium. "Really tough to read at the moment," said Fleming. "New York may just be lagging the rest of the country." But the city's economic diversity, its international appeal and growing financial market stability could reduce foreclosure risk.

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