Foreclosure Home Press Releases NEW YORK CITY FORECLOSURES INCREASE 5 PERCENT IN DECEMBER

NEW YORK CITY FORECLOSURES INCREASE 5 PERCENT IN DECEMBER

Print Email
Comments Add Comment

New York City Foreclosure Rate Still Below National Average
New York State Foreclosures Down 4 Percent

IRVINE, Calif. – Jan. 17, 2006 – New York City foreclosure activity increased nearly 5 percent in December, the third straight month of increasing foreclosures, but the city’s foreclosure rate stayed below the national average and lowest among five of the nation’s largest metropolitan areas, according to the RealtyTrac™ U.S. Metropolitan Foreclosure Market Report.

isToken

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 800,000 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.

The 10-county New York metropolitan area recorded a total of 3,156 new foreclosure filings, a foreclosure rate of one new foreclosure filing for every 1,350 households — about three-quarters of the national average. The December foreclosure numbers brought the metro’s fourth-quarter foreclosure total to 8,808 and its 2006 total to 30,376.

“This three-month climb in New York’s foreclosure activity could indicate that lower buyer demand and slowing home price appreciation are softening the city’s housing market, which up to this point has remained relatively healthy,” said James J. Saccacio, chief executive officer of RealtyTrac.

The New York City foreclosure rate was lowest among five of the nation’s top metropolitan areas tracked by RealtyTrac. The city’s foreclosure rate was lower than the rates in Dallas, Philadelphia, Los Angeles and Chicago.

Staten Island foreclosure rate highest in metro area
Richmond County (Staten Island) continued to document the metro area’s highest foreclosure rate thanks to a 39 percent increase in foreclosure activity. The county reported 273 new foreclosure filings for the month, a foreclosure rate of one new filing for every 601 households — 1.8 times the national average.

Kings County (Brooklyn) and Queens County were the only other two metro counties to document foreclosure rates above the national average in December.

New York County (Manhattan) continued to document the area’s lowest foreclosure rate despite a sharp increase in foreclosure activity. The county reported 270 new foreclosure filings for the month, one new filing for every 2,956 households.

Brooklyn, Queens foreclosure totals highest
Kings and Queens counties also tallied the area’s two highest foreclosure totals in December. Kings County reported 964 new foreclosure filings, an increase of 6 percent from the previous month, and Queens County reported 800 new foreclosure filings, a decrease of 7 percent from the previous month.

Bronx County reported 372 new foreclosure filings, an 11 percent increase; Westchester County reported 193 new foreclosure filings, a 32 percent increase; Rockland County reported 50 new foreclosure filings, a 56 percent decrease; and Putnam County reported 27 new foreclosure filings, a 27 percent decrease.

New York State reported 4,690 new foreclosure filings in December, a 4 percent decrease from the previous month but a 4 percent increase from December 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,637 households continued to register below the national average and was 20th highest among all state foreclosure rates.

New foreclosure filings nationwide totaled 109,652 in December, a decrease of nearly 9 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 1,055 households. U.S. foreclosure activity was still up nearly 35 percent from December 2005.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the New York City Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – 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 repossessed by a bank).

 

New York City Area Foreclosure Market Statistics by County – Dec 2006

Geography NOD NTS NFS LIS REO Total 1 in every # households /National Average

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

--

New York State

0

9

1,147

3,405

129

4,690

1,637

0.64

New York  MSAD

183

14

563

2,376

20

3,156

1,350

0.8

Bergen County, NJ

101

13

0

0

6

120

2,832

0.4

Hudson County, NJ

82

1

0

0

4

87

2,766

0.4

Bronx County, NY

0

0

82

290

0

372

1,319

0.8

Kings County, NY

0

0

143

821

0

964

966

1.1

New York (Manhattan) County, NY

0

0

10

259

1

270

2,956

0.4

Putnam County, NY

0

0

0

24

3

27

1,297

0.8

Queens County, NY

0

0

180

620

0

800

1,022

1.0

Richmond County, NY

0

0

57

215

1

273

601

1.8

Rockland County, NY

0

0

23

25

2

50

1,899

0.6

Westchester County, NY

0

0

68

122

3

193

1,811

0.6

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. (http://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 http://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


Print Email < Back to Press Releases
Printed from www.RealtyTrac.com

Comments

Add Your Comment

You must be logged in to leave a comment. Login | Register

Submit


Search Press Releases