- Associated Press - Tuesday, April 19, 2016

ALBANY, N.Y. (AP) - The state comptroller says New York’s high home foreclosure rate is squeezing municipalities.

The comptroller’s office reports one out of every 21 home mortgages in the state was in foreclosure in last year’s third quarter.

That was the second-highest rate in the nation behind New Jersey.

Municipalities suffer from lowered property values, smaller tax bases and increased crime when homes become vacant.

The comptroller’s office says changes in New York’s foreclosure process to help borrowers have drawn out the process, increasing costs for individuals and local governments.

The Hudson Valley and Long Island saw the taxable full value of properties fall almost 23 percent from 2008 to 2013 after increasing about 60 percent the previous five years.


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