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.
June 2009: The lull lasts six months. Every county in New Jersey is now above 1.3%. Brooklyn is now at 5.5%. The Bronx and Queens provide some cold outerborough comfort, having themselves topped 4%.
Oct. 2009: Just a single tri-state area county, Hamilton, remains below 1.3%. Jefferson and Erie counties in western New York have given up the ghost.
Jan. 2009: Long Island is now radioactive. Brooklyn foreclosures stand at 6.5%, while Suffolk County's climb to 5.9%. Essex County, home of Newark, N.J., leads the region at 9.3%.
June 2011: Average rate in Connecticut nears 5%. But things actually cool off a bit along Lake Ontario...
Dec. 2011:...But only for a moment. Hamilton County also hits 2% for the first time. The nightmare continues in Essex County, where foreclosures reach 12.1%.
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