NEW YORK FORECLOSURES INCREASE 13 PERCENT IN NOVEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity 4 Percent Higher Than a Year Ago

 

IRVINE, Calif. – Dec. 11, 2006 – New York reported 4,881 properties entering some stage of the foreclosure process in November, a 13 percent increase from the 4,305 properties reported in October, and a 4 percent increase above the 4,702 properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report.

 

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

 

“Slowdowns in home sales and the slowing rate of home price appreciation contributed to New York’s upswing in foreclosures in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, the state’s foreclosure rate is below the national average despite two straight months of increasing foreclosure activity.”

 

New York ranked 10th in the country in total foreclosures reported for November. The state’s foreclosure rate of one new foreclosure filing for every 1,573 households ranks it 20th among the 50 states.

 

Top four counties account for largest share of state total

Four counties accounted for 59 percent of all foreclosures in the state of New York for November. Leading the state in foreclosures for the month was Kings County, with 906 properties entering some stage of the foreclosure process. Queens County had the second highest total, with 862 properties entering some stage of the foreclosure process, followed by Monroe County, where 589 properties entered some stage of the foreclosure process. Nassau County came in fourth, reporting 532 properties in some stage of the foreclosure process. Other significant foreclosure levels were found in Bronx County reporting 335 properties, Suffolk County, reporting 324 properties, Erie County, reporting 310 properties, and Richmond County, reporting 196 properties in the foreclosure pipeline during the month.

 

Highest foreclosure rate reported in Monroe County

Monroe County posted the state’s highest foreclosure rate in November, with one new foreclosure filing for every 517 households — three times the state average and 1.9 times the national average. Reporting one new foreclosure filing for every 709 households — 2.2 times the state average and 1.4 times the national average — Niagara County registered the second highest foreclosure rate in the state. Completing the top five were Richmond County, reporting one new foreclosure filing for every 837 households, Rockland County, reporting one new foreclosure filing for every 840 households, and Nassau County, reporting one new foreclosure filing for every 861 households.

 

State makes major contribution to national total

New York accounted for 4 percent of the 120,334 properties entering some stage of the foreclosure process nationwide in November. The national total represents a 4 percent increase in the activity from the 115,568 foreclosures reported in October. The nation’s foreclosure rate increased to one new foreclosure filing for every 961 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 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 Foreclosure Market by County – November 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

31,027

44,448

5,685

16,263

22,911

120,334

961

n/a

n/a

New York

0

17

933

3,529

402

4,881

1,573

0.61

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

1

7

0

0

8

16,247

0.05

0.09

Allegany

0

0

3

0

0

3

8,168

0.11

0.19

Bronx

0

0

60

275

0

335

1,465

0.65

1.07

Broome

0

1

9

2

0

12

7,401

0.13

0.21

Cattaraugus

0

1

0

1

0

2

19,920

0.04

0.07

Cayuga

0

0

0

0

0

0

n/a

0.00

0.00

Chautauqua

0

1

0

2

0

3

21,633

0.04

0.07

Chemung

0

0

5

1

0

6

6,291

0.15

0.25

Chenango

0

0

0

1

0

1

23,908

0.04

0.06

Clinton

0

1

0

1

0

2

16,546

0.05

0.09

Columbia

0

0

0

0

0

0

n/a

0.00

0.00

Cortland

0

0

0

0

0

0

n/a

0.00

0.00

Delaware

0

0

0

1

0

1

28,952

0.03

0.05

Dutchess

0

0

17

52

0

69

1,538

0.62

1.02

Erie

0

3

175

7

125

310

1,342

0.71

1.17

Franklin

0

1

0

0

0

1

23,936

0.04

0.06

Fulton

0

0

0

0

0

0

n/a

0.00

0.00

Genesee

0

0

3

1

1

5

4,838

0.19

0.32

Greene

0

0

1

1

0

2

13,272

0.07

0.11

Herkimer

0

1

0

0

0

1

32,206

0.03

0.04

Kings

0

0

83

823

0

906

1,027

0.93

1.53

Lewis

0

0

1

0

0

1

15,134

0.06

0.10

Livingston

0

0

2

1

0

3

8,008

0.12

0.19

Madison

0

0

1

0

0

1

28,646

0.03

0.05

Monroe

0

0

59

347

183

589

517

1.85

3.04

Montgomery

0

0

3

0

0

3

7,507

0.12

0.21

Nassau

0

0

83

434

15

532

861

1.11

1.82

New York

0

0

6

60

1

67

11,913

0.08

0.13

Niagara

0

3

26

53

53

135

709

1.35

2.21

Oneida

0

1

4

3

0

8

12,850

0.07

0.12

Onondaga

0

0

75

2

0

77

2,554

0.37

0.61

Ontario

0

0

2

0

0

2

21,324

0.04

0.07

Orange

0

1

2

62

0

65

1,889

0.50

0.83

Orleans

0

0

2

0

0

2

8,674

0.11

0.18

Oswego

0

0

3

2

0

5

10,566

0.09

0.14

Otsego

0

0

0

0

0

0

n/a

0.00

0.00

Putnam

0

0

1

32

4

37

947

1.01

1.66

Queens

0

0

112

750

0

862

948

1.01

1.66

Rensselaer

0

0

5

2

0

7

9,446

0.10

0.16

Richmond

0

0

21

171

4

196

837

1.14

1.88

Rockland

0

0

15

94

4

113

840

1.14

1.87

Saratoga

0

0

3

0

0

3

28,900

0.03

0.05

Schenectady

0

0

7

0

0

7

9,290

0.10

0.16

Schuyler

0

0

5

0

0

5

1,836

0.52

0.85

Seneca

0

0

0

0

0

0

n/a

0.00

0.00

Steuben

0

1

0

2

0

3

15,377

0.06

0.10

Suffolk

0

0

85

239

0

324

1,612

0.59

0.97

Sullivan

0

0

9

0

0

9

4,970

0.19

0.31

Tioga

0

0

1

0

0

1

21,410

0.04

0.07

Tompkins

0

0

0

0

0

0

n/a

0.00

0.00

Ulster

0

0

1

4

1

6

12,943

0.07

0.12

Warren

0

0

0

0

0

0

n/a

0.00

0.00

Washington

0

1

2

0

0

3

8,931

0.10

0.17

Wayne

0

0

1

0

0

1

38,767

0.02

0.04

Westchester

0

0

32

103

11

146

2,394

0.40

0.65

Yates

0

0

1

0

0

1

12,064

0.08

0.13

 

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. (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 www.realtytrac.com.

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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