Foreclosure Home Press Releases NEW YORK CITY FORECLOSURE ACTIVITY UP 19 PERCENT IN FEBRUARY

NEW YORK CITY FORECLOSURE ACTIVITY UP 19 PERCENT IN FEBRUARY

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City’s Foreclosure Rate Second Lowest Among Nation’s Top Five Metro Areas
New York State Foreclosures Up 8 Percent

IRVINE, Calif. – March 28, 2008 – The 10-county New York metropolitan area reported 3,518 properties with foreclosure filings in February, a 19 percent increase from the previous month and a 116 percent increase from February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 1,239 households in the metro area received a foreclosure filing during the month, a foreclosure rate that was less than half the national average and second lowest among five of the nation’s largest metropolitan areas. New York’s foreclosure rate was below the foreclosure rates in Los Angeles, Dallas and Chicago, but was higher than the foreclosure rate in 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.

“Foreclosure filings in the New York City metropolitan area increased substantially in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “It appears that the foreclosure storm that’s been brewing elsewhere in the country could now be making its way to New York City.”

Hudson County posts top foreclosure rate
Hudson County, N.J., documented the metro area’s highest county foreclosure rate in February, with one in every 452 households receiving a foreclosure filing during the month. Richmond County, N.Y., reported the second highest county foreclosure rate, with one in every 666 households receiving a foreclosure filing during the month.

Putnam County reported the third highest foreclosure rate in the metro area, with one in every 713 households receiving a foreclosure filing, followed by Queens County, with one in every 865 households receiving a foreclosure filing.

New York County (Manhattan) continued to register the metro area’s lowest foreclosure rate, with one in every 12,421 households receiving a foreclosure filing in February.

Queens and Brooklyn lead in total foreclosure filings
Queens County reported 962 properties with foreclosure filings in February, the most of any metro county despite a 2 percent decrease from the previous month. Kings County (Brooklyn) registered the second highest foreclosure total in the metro area, reporting 732 properties with foreclosure filings during the month. Foreclosure activity in Brooklyn increased 14 percent from the previous month, and one in every 1,295 households received a foreclosure filing in February.

New York foreclosure rate stays below national average
New York reported 5,243 properties with foreclosure filings in February, an 8 percent increase from the previous month, and a 15 percent increase from February 2007. One in every 1,498 New York households received a foreclosure filing during the month, less than half the national average and ranking No. 30 among all the states.

Foreclosure filings were reported on 223,651 properties nationwide in February, a 4 percent decrease from the previous month, but still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

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 – February 2008

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

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

--

New York State

0

6

779

3,720

738

5,243

1,498

0.37

New York  MSAD

0

1

443

2,850

224

3,518

1,239

0.45

 

 

 

 

 

 

 

 

 

Bergen County, NJ

0

0

72

199

18

289

1,197

0.46

Hudson County, NJ

0

0

58

458

31

547

452

1.23

Bronx County, NY

0

0

41

179

11

231

2,174

0.25

Kings County, NY

0

0

56

653

23

732

1,295

0.43

New York (Manhattan) County, NY

0

0

7

55

4

66

12,421

0.04

Putnam County, NY

0

0

8

36

7

51

713

0.78

Queens County, NY

0

0

98

787

77

962

865

0.64

Richmond County, NY

0

1

70

172

18

261

666

0.83

Rockland County, NY

0

0

23

72

5

100

967

0.57

Westchester County, NY

0

0

10

239

30

279

1,273

0.43

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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