Foreclosure Home Press Releases NEW YORK CITY FORECLOSURE ACTIVITY INCREASES 16 PERCENT IN MAY

NEW YORK CITY FORECLOSURE ACTIVITY INCREASES 16 PERCENT IN MAY

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City’s Foreclosure Rate Lowest Among Nation’s Top Five Metro Areas
New York State Foreclosures Up 3 Percent

IRVINE, Calif. – June 3, 2007 – The 10-county New York metropolitan area reported 2,628 foreclosure filings in May, a 16 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 1,621 households — still 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 Los Angeles, Dallas, Chicago and Philadelphia.

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

“A relatively healthy housing market with solid underlying demand has helped insulate New York City from the big spikes in foreclosure activity that other areas of the country are experiencing,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, home price appreciation is beginning to slow and unemployment sneaked above the national average in May, indicating that foreclosure activity could edge higher in the coming months.”

Rockland County posts top foreclosure rate
Rockland County documented the metro area’s highest county foreclosure rate, one foreclosure filing for every 605 households — slightly above the national average. The county reported 157 foreclosure filings during the month, more than triple the number reported in the previous month.

All the other metro counties registered foreclosure rates below the national average. Putnam County reported one foreclosure filing for every 876 households, second highest foreclosure rate in the metro area, followed by Queens County, with one foreclosure filing for every 913 households, and Richmond County (Long Island), with one foreclosure filing for every 965 households.

Despite a 113 percent increase in foreclosure activity, New York County (Manhattan) continued to register the metro area’s lowest foreclosure rate, one foreclosure filing for every 7,063 households.

Queens and Brooklyn lead in total foreclosure filings
Queens County reported 895 foreclosure filings in May, the most of any metro county and an 18 percent increase from the previous month. With 503 foreclosure filings during the month, Kings County (Brooklyn) registered the second highest total in the metro area. Foreclosure activity in Brooklyn decreased 12 percent from the previous month, giving the borough a foreclosure rate of one foreclosure filing for every 1,851 households.

Bronx County reported 340 foreclosure filings during the month, the metro’s third highest total and a foreclosure rate of one foreclosure filing for every 1,443 households. The borough’s foreclosure activity increased 89 percent from the previous month.

New York state foreclosure rate stays below national average
New York state reported 4,223 foreclosure filings in May, a 3 percent increase from the previous month but an 8 percent decrease from May 2006. The state’s foreclosure rate of one foreclosure filing for every 1,818 households was less than half the national average and ranked 30th among all the states.

A total of 176,137 foreclosure filings were reported nationwide in May, a 19 percent increase from the previous month and a 90 percent increase from May 2006. The national foreclosure rate was one foreclosure filing for every 656 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 – May 2007

Area NODs NTSs NFSs LISs REOs Total 1 for every #HH /Natl Avg

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

--

New York State

0

7

806

3,227

183

4,223

1,818

0.36

New York  MSAD

10

124

264

2,174

56

2,628

1,621

0.40

Bergen County, NJ

7

87

0

0

12

106

3,206

0.20

Hudson County, NJ

3

37

0

0

4

44

5,469

0.12

Bronx County, NY

0

0

61

279

0

340

1,443

0.45

Kings County, NY

0

0

60

443

0

503

1,851

0.35

New York (Manhattan) County, NY

0

0

7

106

0

113

7,063

0.09

Putnam County, NY

0

0

20

12

8

40

876

0.75

Queens County, NY

0

0

89

806

0

895

913

0.72

Richmond County, NY

0

0

12

151

7

170

965

0.68

Rockland County, NY

0

0

7

148

2

157

605

1.09

Westchester County, NY

0

0

8

229

23

260

1,344

0.49

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/gateway_co.asp?accnt=137300), 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/gateway_co.asp?accnt=137300.

###

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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