Foreclosure Activity Up 33 Percent from Year Ago in Five Boroughs and Long Island Combined
Median Home Prices Still Up in All Seven Counties Despite Rising Foreclosures
IRVINE, Calif. – Oct. 29, 2013 — One year after Hurricane Sandy made landfall on the U.S. eastern seaboard, RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today reported that foreclosure activity in the first nine months of 2013 is up 33 percent compared to the first nine months of 2012 in the 7-county region including the five boroughs of New York and Long Island.
“The places that were hit the hardest by Sandy are seeing a slow comeback,” said Emmett Laffey, CEO of Laffey Fine Homes International covering the five boroughs and Long Island. “The problem is getting the insurance money. The homes have been razed and today they are just a sandlot. Some people have gotten insurance money, some people still can’t get the money. Nothing is uniform. Those areas that were hardest hit are still reeling.
“Besides that, metro New York and Long Island are doing fairly well,” Laffey added. “The economy is pretty good. Business is pretty good. Things are pretty good all around.”
Queens County reported the highest level of foreclosure activity through September 2013, up 61 percent from the same time period last year. Default notices in particular were up 71 percent, while auction notices increased 24 percent and bank-owned (REO) properties increased 26 percent from the previous year.
Foreclosure activity also increased in Richmond County (Staten Island), up 40 percent during the first nine months of 2013, with bank-owned properties rising 170 percent from the same period last year. Default notices were up 43 percent in the county although scheduled auctions fell 15 percent.
Nassau and Suffolk counties (Long Island) likewise have seen overall increases in foreclosure activity so far this year, up 24 percent in Nassau County up 28 percent in Suffolk County. Bank-owned properties rose substantially during the period, up 45 percent and 50 percent respectively. The level of default notices also rose noticeably during the period, up 24 percent and 28 percent respectively.
Activity levels were also up in Bronx County (39 percent) and Kings County (28 percent) through September. The only county showing a significant decrease in foreclosure activity during the same time period was New York County (Manhattan) where although the hurricane did make landfall and caused significant flooding, foreclosures were down 21 percent with the number of bank-owned properties dropping 82 percent and scheduled auctions falling 53 percent.
Median home prices rose in all seven counties year-over-year for September despite the impact of Sandy.
Median home prices rose by double digits in both Queens and Kings counties (up 16 percent and 12 percent respectively) from September 2012. The median price rose 7 percent in New York County from last year.
The lowest rises in home prices were in three of the counties most affected by Hurricane Sandy — Suffolk County (up 5 percent), Richmond County (up 3 percent) and Nassau County (up 1 percent).
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the nation’s leading source of comprehensive housing data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac’s wholly-owned subsidiary, Homefacts®. RealtyTrac’s foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
Jennifer von Pohlmann
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