NEW YORK CITY FORECLOSURES INCREASE 19 PERCENT IN AUGUST

New York City Foreclosure Rate Still Below National Average
New York State Foreclosures Up 30 Percent

IRVINE, Calif. – Sept. 24, 2006 – New York City foreclosure activity increased 19 percent in August, but bigger increases in other areas helped keep the city’s foreclosure rate well below the national average and second lowest among the nation’s 10 largest metros, according to the August 2006 RealtyTrac ™ U.S. Foreclosure Market Report.

The 10-county metropolitan area recorded a total of 2,340 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 1,821 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.

“This one-month increase in New York foreclosures is not in and of itself a cause for alarm, but when combined with other economic indicators, does make a compelling argument that the area’s housing market bears watching,” said James J. Saccacio, chief executive officer of RealtyTrac. “Those other economic factors include the region’s unemployment rate, which jumped above the national average in July, and home price appreciation, which continued to slow in the second quarter. In addition, a wave of adjustable rate mortgages is expected to reset in the next few months, possibly forcing more homeowners into foreclosure and dragging down home price appreciation further.”

New York notched the second lowest foreclosure rate among the nation’s 10 largest metro areas. Only Washington reported a lower foreclosure rate than New York. Dallas, Atlanta, Riverside, Calif., Houston, Chicago, Phoenix, Philadelphia and Los Angeles all reported higher foreclosure rates than New York.

Kings County (Brooklyn) reported 822 properties entering some stage of foreclosure, the most of any county in the metro area and a 47 percent increase from the previous month, but the county’s foreclosure rate of one new foreclosure filing for every 1,132 households was still below the national average.

Richmond County (Staten Island) was the only county to post a foreclosure rate above the national average. The county reported 246 properties entering some stage of foreclosure, an increase of 3 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 667 households — 1.5 times the national average.

New York County (Manhattan) continued to document the region’s lowest foreclosure rate, with one new foreclosure filing for every 12,873 households. The county reported 62 properties entering some stage of foreclosure during the month, a 72 percent decrease from the previous month, when the county’s foreclosure spiked above normal.

New York state reported 4,537 properties entering some stage of foreclosure a 30 percent increase from the previous month and an increase of nearly 33 percent from August 2005. The state’s foreclosure rate of one new foreclosure for every 1,693 households remained below the national average.

U.S. foreclosure activity increased 24 percent in August, with 115,292 properties entering some stage of foreclosure during the month — the second highest number reported in any month year to date and one new foreclosure filing for every 1,003 households.

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 re-purchased by a bank).

 

New York City Area Foreclosure Market Statistics by County – Aug 2006

Geography NOD NTS NFS LIS REO Total 1 in every # households /National Average

US

20,611

45,704

7,328

21,533

20,116

115,292

1,003

New York State

0

1

1,461

2,357

718

4,537

1,693

0.593

New York  MSAD*

131

57

498

1,624

30

2,340

1,821

0.551

Bergen County, NJ

88

35

0

0

4

127

2,676

0.375

Hudson County, NJ

43

21

0

0

0

64

3,760

0.267

Bronx County, NY

0

1

83

205

0

289

1,698

0.591

Kings County, NY

0

0

171

651

0

822

1,132

0.886

New York (Manhattan) County, NY

0

0

21

38

3

62

12,873

0.078

Putnam County, NY

0

0

8

1

1

10

3,503

0.286

Queens County, NY

0

0

92

480

0

572

1,429

0.702

Richmond County, NY

0

0

79

160

7

246

667

1.504

Rockland County, NY

0

0

7

66

1

74

1,283

0.781

Westchester County, NY

0

0

37

23

14

74

4,722

0.212

*The counties included in the New York Metropolitan Statistical Area Division have changed from RealtyTrac’s previous press releases and now match the most recent metropolitan designations assigned by the U.S. Office of Management and Budget.

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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Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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