New York City’s Foreclosure Rate Still Below National Average
New York State Foreclosures Up 19 Percent
IRVINE, Calif. – Nov. 28, 2006 – New York City foreclosure activity increased 29 percent in October, but the city’s foreclosure rate remained well below the national average and is the lowest among five of the nation’s largest metropolitan areas, according to the RealtyTrac™ October 2006 U.S. Metropolitan Foreclosure Market Report.
The 10-county metropolitan area recorded a total of 2,645 new foreclosure filings, a foreclosure rate of one new foreclosure filing for every 1,611 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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.
“New York’s foreclosure activity has been fairly volatile in recent months, spiking one month and dropping substantially the next,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite all the volatility, however, the city’s foreclosure rate has consistently stayed low compared to the national average and the foreclosure rates in other major metros. The city’s relatively low foreclosure rate is not too surprising given its below-average unemployment rate and above-average home price appreciation.”
New York registered the lowest foreclosure rate among five of the nation’s top metropolitan areas. The city’s foreclosure rate was lower than the rates in Dallas, Philadelphia, Los Angeles and Chicago.
Almost all the counties in the New York metropolitan area reported increasing foreclosures in October. Queens County was the only exception, but its 688 new foreclosure filings represented a decrease of less than 1 percent from the previous month
Richmond County (Staten Island) continued to document the region’s highest foreclosure rate, one new foreclosure filing for every 607 households — 1.6 times the national average. The county reported 270 new foreclosure filings, an increase of more than 28 percent from the previous month.
Rockland County’s foreclosure rate jumped above the national average thanks to a 92 percent increase in foreclosure activity, the biggest increase in the metro area. The county reported 127 new foreclosure filings, a foreclosure rate of one new foreclosure filing for every 748 households.
Kings County (Brooklyn) reported 815 new foreclosure filings, the most of any county in the metro area and a 62 percent increase from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 1,142 households stayed below the national average.
New York County (Manhattan) continued to post the area’s lowest foreclosure rate — one new foreclosure filing for every 11,567 households. The county reported 69 new foreclosure filings, a 3 percent increase from the previous month.
New York State reported 4,305 new foreclosure filings in October, an increase of nearly 19 percent from the previous month and an increase of 21 percent from October 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,784 stayed below the national average.
A total of 115,568 properties nationwide entered some stage of foreclosure in October, an increase of nearly 3 percent from the previous month and an increase of more than 42 percent from October 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,001 households was the highest national foreclosure rate reported in any month so far this year.
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).
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/.
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Detailed and historical foreclosure data used to create the above report may be
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158. Aggregate data is available at the state, metro, county and zip code
levels dating back to 2005, and address-level foreclosure records are also
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Detailed & Historical Data:
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