![]() New York has the third-highest percentage of foreclosures involving mortgages delinquent for at least 12 months, even though it's not among the top states in total foreclosures. ![]() It's one reason the housing recovery is lagging other areas of the economy. "Ultimately, it is pulling down the tax base for an entire city," said Shanna Smith, president and CEO of the National Fair Housing Alliance. Many of the homes become eyesores that drag down neighborhood property values, lowering tax revenue for municipal governments. WASHINGTON – Making sure that broken windows are fixed, lawns are mowed and piles of trash are removed at vacant homes remains a lingering challenge of the housing crash 5 1/ 2 years after the end of the Great Recession.įoreclosures recorded by Fannie Mae peaked in late 2010, but an inventory of long-vacant homes with broken or boarded-up windows, peeling paint, overgrown bushes, gangly weeds, and stacks of trash persists.
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