New York foreclosure risk index identifies high-risk areas

A new New York Foreclosure Risk Index by real estate data company NestCash identifies several areas with elevated foreclosure risks. The Bronx holds the highest risk in the state, followed by Brooklyn and Queens.

Among counties outside of New York City, Rockland County ranks first for foreclosure risk. A primary driver for Rockland is the housing cost burden, with 44.0 percent of mortgaged owners spending more than 30 percent of their income on housing.

In Queens, approximately 48.3 percent of mortgaged owners face a similar cost burden, the highest recorded in the study. Other counties identified with elevated risk scores include Staten Island, Orange County, and Rockland County. The index calculates risk by weighting four factors: market softness (35 percent), mortgage cost burden (30 percent), 90-day delinquency rates (20 percent), and unemployment rates (15 percent).