City’s Foreclosure Rate is Less Than Half the National Average
New York State Foreclosures Down 20 Percent
IRVINE, Calif. – Oct. 20, 2006 – Foreclosure filings in New York City decreased 12 percent in September, lowering the city’s foreclosure rate to less than half the national average, according to the RealtyTrac™ U.S. Foreclosure Market Report.
The 10-county metropolitan area recorded a total of 2,056 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 2,072 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.
“After a fairly big jump the previous month, New York City foreclosure backed down in September, further distancing the city’s foreclosure rate from the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “That’s not to say the city is out of the woods yet when it comes to foreclosures. Although relatively low unemployment and above-average home price appreciation continue to shield the region from skyrocketing foreclosure rates, resetting adjustable-rate mortgages and increased inventories of unsold homes will likely make it harder for many homeowners to afford their monthly mortgage payments and to sell their homes quickly if they need to do so to avoid foreclosure.”
New York registered the lowest foreclosure rate among five of the nation’s top metropolitan areas. The city’s foreclosure rate was lower than foreclosure rates in Dallas, Philadelphia, Los Angeles and Chicago.
Richmond County (Staten Island) continued to be the only county in the metro area to post a foreclosure rate above the national average. The county reported 210 properties entering some stage of foreclosure, a 15 percent drop from the previous month and a foreclosure rate of one new foreclosure filing for every 781 households — 1.3 times the national average and 2.7 times the state average.
Queens County reported the most new foreclosure filings of any county in the metro area, with 692 properties entering some stage of foreclosure. Although this represented a 21 percent increase from the previous month, the county’s foreclosure rate of one new foreclosure filing for every 1,181 households continued to register below the national average.
Foreclosure activity decreased 39 percent in Kings County (Brooklyn), where 503 properties entered some stage of foreclosure in September. The county posted a foreclosure rate of one new foreclosure filing for every 1,851 households.
New York County (Manhattan) once again posted the metro area’s lowest foreclosure rate — one new foreclosure filing for every 11,913 households. The county reported 67 properties entering some stage of foreclosure during the month, an 8 percent increase from the previous month.
New York state reported 3,622 properties entering some stage of foreclosure in September, a 20 percent decrease from the previous month, but still up 45 percent from September 2005. The state’s foreclosure rate of one new foreclosure filing for every 2,120 households was less than half of the national average.
A total of 112,210 properties nationwide entered some stage of foreclosure in September, a decrease of less than 1 percent from the previous month but an increase of more than 63 percent from September 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,030 households was the third highest national foreclosure rate reported 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/.
Order Customized Reports
Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.
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Detailed & Historical Data:
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