NEW YORK CITY FORECLOSURES INCREASE SECOND STRAIGHT MONTH ACCORDING TO REALTYTRAC™ NOVEMBER U.S. FORECLOSURE MARKET REPORT
Area Foreclosures Up 47 Percent Over Last Two Months. Foreclosure Rates Second Highest Among Nation’s Top Five Metro Areas. New York State Foreclosures Increase 33 Percent
Irvine, Calif. – December 19, 2005 – New York City foreclosures increased 21 percent in November, pushing the city’s foreclosure rate to second highest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ November 2005 U.S. Foreclosure Market Report. New York foreclosures have risen more than 47 percent in the last two months.
RealtyTrac (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.
With one foreclosure for every 1,290 households in the five boroughs, New York’s foreclosure rates leapfrogged from second lowest to second highest among the nation’s top five metro areas. Only Dallas-Fort Worth reported a higher foreclosure rate than New York. Los Angeles, Chicago and Philadelphia all reported lower foreclosure rates.
“The substantial increases in New York foreclosures in the last two months indicate that the region is struggling to sustain the below-average foreclosure rates it has experienced most of this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Increasing interest rates and a cooling housing market could be forcing more homeowners into default and limiting the options for homeowners trying to stop foreclosure.”
Manhattan was the only borough that registered a foreclosure rate below national and state averages. The borough reported 81 properties entering some stage of foreclosure, an 8 percent increase and a foreclosure rate of one foreclosure for every 9,854 households. Queens reported 885 properties entering some stage of foreclosure, a 24 percent increase and one foreclosure for every 923 households. Brooklyn reported 859 properties entering some stage of foreclosure, an 18 percent increase and one foreclosure for every 1,084 households. Foreclosures in the Bronx increased 25 percent, with 392 properties entering some stage of foreclosure in November.
Staten Island maintained the highest foreclosure rate among the five boroughs — one foreclosure for every 621 households. The borough reported 264 properties entering some stage of foreclosure in November, a 21 percent increase.
Suffolk and Nassau counties documented foreclosure rates more than two times national and state averages thanks to increasing foreclosures in November. Suffolk County reported 713 properties entering some stage of foreclosure, a 38 percent increase, and Nassau County reported 746 properties entering some stage of foreclosure, an 88 percent increase.
With 4,702 properties entering some stage of foreclosure, New York state foreclosures increased 33 percent in November, and the state’s foreclosure rate rose to just slightly below the national average. The state’s foreclosures have increased a total of 75 percent over the last two months.
Nationwide, 71,606 properties entered some stage of foreclosure in November, a 12 percent decrease and a foreclosure rate of one foreclosure for every 1,615 U.S. 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