NEW YORK CITY FORECLOSURE RATES CONTINUE TO FALL ACCORDING TO REALTYTRAC™ JULY U.S. FORECLOSURE MARKET REPORT
New York City Foreclosures Drop While U.S. Foreclosures Increase; Foreclosures Jump in New York State, and Nassau and Suffolk Counties.
Irvine, Calif. – August 25, 2005 – New York City foreclosures declined for the second month in a row with a total of 1,956 new foreclosures reported in the city’s five boroughs in July, according to the RealtyTrac™ U.S. Foreclosure Market Report.
RealtyTrac Inc. (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
New York City’s foreclosure rates remained second lowest among the nation’s top-five metropolitan areas, with only Los Angeles reporting a lower rate. The foreclosure rates in Dallas-Fort Worth, Chicago and Philadelphia were all higher.
“While foreclosures are on the rise nationwide, New York’s foreclosures continue to steadily decline,” said James J. Saccacio, RealtyTrac chief executive officer. “The city’s strong real estate market appears to insulate all but a few homeowners from foreclosure.”
Of the five boroughs, all documented fewer new foreclosures in July except for Staten Island. With 208 properties entering some stage of foreclosure in Richmond County, Staten Island foreclosures increased 19.5 percent. New York County reported only 72 new foreclosures, giving Manhattan the lowest foreclosure rate among the boroughs with one foreclosure for every 11,085 households – less than one-fourth of the state average. The other boroughs all reported foreclosure rates higher than the state average.
The story changed outside the heart of the metropolitan area. Foreclosures jumped 24.5 percent in nearby Suffolk County, raising the county’s foreclosure rate to one foreclosure for every 1,287 households – 1.9 times the state average. Thanks to a 44.7-percent spike in new foreclosures, Nassau County’s foreclosure rate was more than two times the state average with one foreclosure for every 1,151 households.
Foreclosures increased 8.7 percent statewide in New York with 3,167 new foreclosures reported. Despite the increase, the state recorded one foreclosure for every 2,425 households – well below the national average.
Foreclosures plummeted 37.7 percent statewide in New Jersey, dropping the state’s foreclosure rate below the national average. New foreclosures decreased in Bergen, Essex and Union counties, although the foreclosure rates in Essex and Union County stayed above national and state averages.
The number of properties entering some stage of foreclosure nationwide rose to 78,979 in July, a 4.7-percent increase from June and the most new foreclosures reported in any month year-to-date. New foreclosures have jumped more than 12 percent in the last two months, pushing the nation’s foreclosure rate to one foreclosure for every 1,465 households.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
|District of Columbia 7/2005||0||6||0||0||17||23||13.73|
|New Hampshire 7/2005||0||12||0||0||12||24||9.80|
|New Jersey 7/2005||1274||655||0||0||63||1992||68.63|
|New Mexico 7/2005||260||133||0||0||100||493||70.59|
|New York 7/2005||0||0||1058||2018||91||3167||53.92|
|North Carolina 7/2005||24||364||0||0||1060||1448||53.92|
|North Dakota 7/2005||0||0||0||0||7||7||4.90|
|Rhode Island 7/2005||0||7||0||0||0||7||1.96|
|South Carolina 7/2005||41||179||0||0||415||635||48.04|
|South Dakota 7/2005||2||3||0||0||10||15||11.76|
|West Virginia 7/2005||0||222||0||0||27||249||39.22|
About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, 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 and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to MSN House & Home, Yahoo! Real Estate and HomeGain as well as the foreclosure data provider to AOL Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations