Foreclosure Home Press Releases NEW YORK CITY FORECLOSURE ACTIVITY DOWN 22 PERCENT IN SEPTEMBER

NEW YORK CITY FORECLOSURE ACTIVITY DOWN 22 PERCENT IN SEPTEMBER

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ACCORDING TO REALTYTRAC® U.S. FORECLOSURE MARKET REPORT

 

City’s Foreclosure Rate Lowest Among Nation’s Top Five Metro Areas

New York State Foreclosures Decrease 18 Percent

 

IRVINE, Calif. – Oct. 26, 2007 – The 10-county New York metropolitan area reported 2,716 foreclosure filings in September, a 22 percent decrease from the previous month and a foreclosure rate of one foreclosure filing for every 1,604 households — less than half the national average and lowest among five of the nation’s largest metropolitan areas, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The city’s foreclosure rate was below the foreclosure rates in Dallas, Los Angeles, Chicago and Philadelphia.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although New York City has a relatively healthy housing market, it could change if the subprime market continues to deteriorate,” said James J. Saccacio, chief executive officer of RealtyTrac. “We are starting to see signs that home price appreciation is beginning to slow and unemployment is moving upward, indicating that foreclosure activity could edge higher in the coming months.”

 

Putnam County posts top foreclosure rate

Putnam County documented the metro area’s highest county foreclosure rate, one foreclosure filing for every 492 households — slightly above the national average. The county reported 74 foreclosure filings during the month, a 40 percent increase from the previous month.

 

All the other metro counties registered foreclosure rates below the national average. Rockland County reported one foreclosure filing for every 641 households, second highest foreclosure rate in the metro area, followed by Bergen County, with one foreclosure filing for every 1,055 households.

 

Thanks in part to an 11 percent decrease in foreclosure activity, New York County (Manhattan) continued to register the metro area’s lowest foreclosure rate, one foreclosure filing for every 11,711 households.

 

Queens and Kings lead in total foreclosure filings

Queens County reported 787 foreclosure filings in September, the most of any metro county despite a 30 percent decrease from the previous month. Kings County (Brooklyn) registered the second highest foreclosure filing total in the metro area, with 591 foreclosure filings during the month. Foreclosure activity in Brooklyn decreased nearly 43 percent from the previous month, giving the borough a foreclosure rate of one foreclosure filing for every 1,603 households.

 

Bergen County reported 328 foreclosure filings in September, the metro’s third highest total. The borough’s foreclosure activity spiked 207 percent from the previous month.

 

New York state foreclosure rate stays below national average

New York state reported 4,504 foreclosure filings in September, an 18 percent decrease from the previous month but still a 24 percent increase from September 2006. The state’s foreclosure rate of one foreclosure filing for every 1,744 households was less than half the national average and ranked 34th highest among all the states.

 

A total of 219,850 foreclosure filings were reported nationwide in September, an 8 percent decrease from the previous month but still a 96 percent increase from September 2006. The national foreclosure rate was one foreclosure filing for every 566 households.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings nationwide, statewide and by county in the New York-Wayne-White Plains Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes documents filed in all three phases of foreclosure: Defaults Notice of Default (NOD) and Lis Pendens (LIS); Auctions Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

New York City Area Foreclosure Market Statistics by County – September 2007

 

 Area

NODs

NTSs

NFSs

LISs

REOs

Total

1 for every #households

/National Average

United States

47,234

59,669

21,925

51,172

39,850

219,850

566

--

New York State

0

217

697

3,103

487

4,504

1,744

0.32

New York  MSAD

0

65

299

2,181

171

2,716

1,604

0.35

 

 

 

 

 

 

 

 

 

Bergen County, NJ

0

0

63

241

24

328

1,055

0.53

Hudson County, NJ

0

0

45

5

8

58

4,266

0.13

Bronx County, NY

0

10

51

186

11

258

1,947

0.29

Kings County, NY

0

13

25

511

42

591

1,603

0.35

New York (Manhattan) County, NY

0

1

4

64

1

70

11,711

0.05

Putnam County, NY

0

8

10

53

3

74

492

1.13

Queens County, NY

0

18

51

664

54

787

1,057

0.52

Richmond County, NY

0

1

10

127

5

143

1,216

0.46

Rockland County, NY

0

2

7

136

6

151

641

0.87

Westchester County, NY

0

12

33

194

17

256

1,388

0.40

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com


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