Foreclosure Home Housing & Foreclosure Reports New York Foreclosure Activity Rises in February

New York Foreclosure Activity Rises in February

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Statewide filings up 5 percent from January

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,761 New York properties in February, a 5 percent increase from January, but still 36 percent below the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

New York had the 46th highest foreclosure rate in the nation, reporting one in every 4,604 housing units with a foreclosure filing in February.

Albany County posts top foreclosure rate in the state for February
 One in every 1,565 housing units in Albany County had a foreclosure filing in February — 2.9 times the state average — the highest foreclosure rate of all New York counties for the month. Richmond County had the second highest rate of one in every 1,699 housing units with a foreclosure filing during the month — 2.7 times the state average. Nassau County had the third highest rate of one in every 2,100 housing units with a foreclosure filing during the month — 2.2 times the state average.

Kings County has top foreclosure total in February
 Kings County led the state in foreclosure activity, reporting 269 properties with foreclosure filings for the month. Nassau County was second highest, reporting 223 properties with foreclosure filings. Suffolk County was third, reporting 215 properties with foreclosure filings. Fourth highest was Westchester County, recording 123 properties with foreclosure filings. Bronx County was fifth, tallying 121 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in February
 New York accounted for 1 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

New York Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

New York

0

1,259

4

241

257

1,761

4,604

0.14

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

82

0

2

4

88

1,565

0.41

2.94

Richmond

0

95

0

7

2

104

1,699

0.37

2.71

Nassau

0

203

0

10

10

223

2,100

0.30

2.19

Sullivan

0

16

0

1

4

21

2,342

0.27

1.97

Saratoga

0

31

0

4

5

40

2,466

0.26

1.87

 New York Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

New York

0

1,259

4

241

257

1,761

4,604

5.32

-35.85

 

 

 

 

 

 

 

 

 

 

Kings

0

229

0

19

21

269

3,719

-7.88

-57.10

Nassau

0

203

0

10

10

223

2,100

-2.62

-41.47

Suffolk

0

155

0

32

28

215

2,651

10.82

-50.80

Westchester

0

87

0

26

10

123

3,015

50.00

-4.65

Bronx

0

88

0

14

19

121

4,231

22.22

-43.98


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