NEW YORK CITY FORECLOSURES INCREASE 26 PERCENT ACCORDING TO REALTYTRAC™ OCTOBER U.S. FORECLOSURE MARKET REPORT
New York State Foreclosures Up 42 Percent;City’s Foreclosure Rates Still Second Lowest Among Nation’s Top Five Metro Areas.
Irvine, Calif. – Novemeber 28, 2005 – New York foreclosures increased 26 percent in October, reversing a 27 percent drop the previous month, according to the RealtyTrac™ October U.S. Foreclosure Market Report. The city’s five boroughs recorded a total of 2,046 properties entering some stage of foreclosure, and the metro area’s foreclosure rate was closer to levels reported in July and August.
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.
With one foreclosure for every 1,564 households in the five boroughs, New York City’s foreclosure rates stayed second lowest among the nation’s five largest metropolitan areas for the fifth consecutive month. Only Los Angeles reported a lower rate. Dallas-Fort Worth, Chicago and Philadelphia foreclosure rates were all higher.
“Although New York foreclosures have experienced some fairly big swings in the last couple months, the city has maintained a relatively low foreclosure rate compared to other major metro areas,” said James J. Saccacio, RealtyTrac chief executive officer. “Both New York State and New York City foreclosure rates continue to be well below national averages.”
New York’s five boroughs all reported more foreclosures in October, and only Manhattan maintained a foreclosure rate below the state average despite a 67 percent increase in foreclosures. Foreclosures in Brooklyn and Queens increased about 20 percent, and both boroughs recorded more than 700 properties entering some stage of foreclosure in October. Bronx County recorded 313 properties entering some stage of foreclosure, a 37 percent increase from the previous month.
With one foreclosure for every 749 households, Staten Island again reported the highest foreclosure rate among the five boroughs. The borough recorded 219 properties entering some stage of foreclosure in October, a 50 percent increase.
Suffolk and Nassau counties reported foreclosures increasing more than 90 percent in October, and both counties registered foreclosure rates above state and national averages. Suffolk County reported 517 properties entering some stage of foreclosure, and Nassau County reported 397 properties entering some stage of foreclosure.
New York state foreclosures increased 42 percent, with 3,546 properties entering some stage of foreclosure in October. But the state’s foreclosure rate of one foreclosure for every 2,166 households remained well below the national average of one foreclosure for every 1,422 households. Nationwide, foreclosures increased nearly 19 percent in October, with a total of 81,382 properties entering some stage of foreclosure. That was the most new foreclosures reported in any month year to date.
Foreclosure numbers in the nearby New Jersey counties of Bergen, Hudson, Essex and Union were higher than in previous months. With 1,082 properties entering some stage of foreclosure, Essex County reported the highest foreclosure rate among those counties — one foreclosure for every 278 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:
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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