NEW YORK CITY FORECLOSURES DECREASE 17 PERCENT ACCORDING TO REALTYTRAC™ DECEMBER U.S. FORECLOSURE MARKET REPORT
City’s Foreclosure Rate Drops to Lowest of Nation’s Top Five Metro Areas. New York State Foreclosures Down 4 Percent
Irvine, Calif. – January 12, 2006 – New York City foreclosures decreased 17 percent in December, ending two consecutive months of increasing foreclosures, according to the RealtyTrac™ December 2005 U.S. Foreclosure Market Report. With one foreclosure for every 1,558 households in the city’s five boroughs, New York’s foreclosure rate dropped to lowest among the nation’s five largest metropolitan areas.
RealtyTrac 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.
“Both New York City and New York State foreclosures decreased in December, while the foreclosure rates across the country and in all four of the other top five metropolitan areas increased significantly,” said James J. Saccacio, chief executive office of RealtyTrac. “It appears that the real estate market in New York continues to thrive, and the city now boasts the best foreclosure rate of the top five metro areas.”
New York’s December foreclosure rate was lower than the foreclosure rates in Los Angeles, Chicago, Philadelphia and Dallas-Fort Worth. Before December, Los Angeles had maintained the lowest foreclosure rate among the nation’s five largest metropolitan areas for eight consecutive months.
New York’s five boroughs reported a total of 2,055 properties entering some stage of foreclosure in December, a 17 percent decrease from the previous month. Even with the decrease, the city’s foreclosures have risen 27 percent since September.
Staten Island was the only borough to report increasing foreclosures in December. Richmond County recorded 312 properties entering some stage of foreclosure, an 18 percent increase and a foreclosure rate of one foreclosure for every 526 households. The borough’s foreclosure rate was more than three times the state average and more than two times the national average.
The foreclosure rates in Brooklyn and Queens stayed above national and state averages despite decreasing foreclosures in December. Kings County recorded 805 properties entering some stage of foreclosure, a 6 percent decrease and one foreclosure for every 1,156 households. Queens County recorded 602 properties entering some stage of foreclosure, a 32 percent decrease and one foreclosure for every 1,358 households.
The foreclosure rate in the Bronx dropped below national and state averages in December thanks to a 29 percent decrease in foreclosures. The borough recorded 277 properties entering some stage of foreclosure, a foreclosure rate of one foreclosure for every 1,771 households.
With only 59 properties entering some stage of foreclosure in December, Manhattan continued to document the lowest foreclosure rate among the five boroughs — one foreclosure for every 13,528 households. The borough’s foreclosure rate registered well below state and national averages.
Foreclosures also dropped in Suffolk and Nassau counties in December, although both counties continued to document foreclosure rates above state and national averages. Suffolk County recorded 607 properties entering some stage of foreclosure, a 15 percent decrease, and Nassau County recorded 518 properties entering some stage of foreclosure, a 31 percent decrease.
With 4,500 properties entering some stage of foreclosure, New York state foreclosures decreased 4 percent in December, and the state documented a foreclosure rate below the national average.
Nationwide, 81,290 properties entered some stage of foreclosure in December, a 13.5 percent increase from the previous month and a foreclosure rate of one new foreclosure for every 1,422 U.S. households. December’s national foreclosure rate was the highest reported in 2005, matching the national foreclosure rate reported in October.
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:
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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