SYRACUSE -- Foreclosure rates are on the rise in Syracuse. The news comes in a new housing report out today from Corelogic. The report shows foreclosure rates surging in September by more than 2.25 percent. That's up almost three quarters of a percent from the same time last year.
The good news is that Syracuse's foreclosure rate is actually lower than the national foreclosure rate, which sits at over 3.25 percent.
The report also finds homeowners are having trouble keeping up with their house payments. The local mortgage delinquency rate is over 5 percent, more than it was at this time last year.
Meanwhile, home prices are falling faster in the nation's largest cities, and a record number of foreclosures are expected to push prices down further through next year. "Unemployment is still high, people are afraid of losing their homes and credit is hard to get," said Maureen Maitland, vice president of S&P indices.
Among the cities in the Case-Shiller index, Cleveland recorded the largest decline. Prices there dropped 3 percent from a month earlier. Prices in San Francisco, Los Angeles and San Diego, which had been showing strength this year, also dropped in September from August. Washington and Las Vegas were the only metro areas to post gains in monthly prices.
Job worries and record high foreclosures are dampening buyer demand and weighing on prices.
Click on the image above to view a larger version of the map of foreclosure rates by zip code.
Information from the Associated Press was used in this article.
