Despite being four years after the housing bust, the foreclosure plague has continued to spread. Here's how the country's 10 biggest cities are faring.
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.
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