The New York area has the lowest foreclosure rate of any of the nation's 10 largest metro areas.
There three good reasons for that: Prices have always been high, and they have only fallen about 13%, according to the NAHB housing index; many area residents rent rather than own; and a large percentage of owners are either in condominiums or co-operative apartments.
Condo and, especially, co-op boards have authority over who gets to buy, and these boards have been very prudent in choosing their neighbors. They usually require buyers put at least 20% down, often more, before approving sales. That meant few buyers utilized dangerous loans to purchase homes.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.86%||3.77%|
|15 yr fixed||3.09%||3.01%|
|30 yr refi||3.84%||3.78%|
|15 yr refi||3.10%||3.01%|
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