The Tri-state Area — New York, New Jersey and Connecticut — weren’t hit nearly as hard by the housing crisis as the sunbelt states.But for illustrating how that crisis evolved over time, they make a pretty good test case.
The New York Federal Reserve just released a really cool widget that chronicles the spike in the foreclosure rate in Tri-state counties from 2007 through 2011.
What’s most scary about these maps is that for many counties, the foreclosure rate has actually gone back up after coming down for a period — most likely as a result of the stalled “foreclosure pipeline.”
Bottom line: We still have a long way to go before the area’s housing market fully recovers.
Jan. 2007: Things start off calmly. Some notable stress in Suffolk County, Long Island and along the Pennsylvania border.
Jan. 2009: All but a single county in New Jersey are blowing up and Brooklyn is a goner at 4.2%. However, the overall pace has slowed down somewhat.