NEW YORK CITY FORECLOSURES SPIKE 14 PERCENT

NEW YORK CITY FORECLOSURES SPIKE 14 PERCENT ACCORDING TO REALTYTRAC™ AUGUST U.S. FORECLOSURE MARKET REPORT
New York Metro Foreclosure Rate Remains Second-Lowest Among Top Five Metro Areas New York State Foreclosures Increase 8 Percent

Irvine, Calif. – October 3, 2005 – After decreasing for the previous two months, New York City foreclosures increased 14 percent in August, with a total of 2,223 properties in the city’s five boroughs entering some stage of foreclosure during the month, according to the RealtyTrac™ August U.S. Foreclosure Market Report.

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.

Even with the increase, New York City’s foreclosure rates remained second lowest among the nation’s five largest metropolitan areas, with only Los Angeles reporting a lower rate. The foreclosure rates in Dallas-Fort Worth, Chicago and Philadelphia were all higher than New York City’s foreclosure rate. Except for Dallas-Fort Worth, all five major metro areas documented more foreclosures in August even while foreclosures nationwide decreased 4.3 percent.

“The increase could turn out to be a one-month spike, but if foreclosures continue to rise in the coming months, that may signal a significant shift in New York City’s real estate market,” said James J. Saccacio, RealtyTrac chief executive officer.

Of the five boroughs, all documented more foreclosures in August except for Manhattan, which reported 63 properties entering some stage of foreclosure — a 12.5 percent decrease from July. With one foreclosure for every 12,669 households, Manhattan’s foreclosure rate continued to be much lower than the rest of the metro area and the state.

Of the other four boroughs, the Bronx experienced the biggest increase. Bronx County reported 318 properties entering some stage of foreclosure or foreclosed on, a 30 percent jump. But with one foreclosure for every 1,543 households, the Bronx maintained a foreclosure rate below the national average.

With a 15 percent jump in foreclosures, Staten Island continued to have the highest foreclosure rate among the five boroughs. Richmond County recorded one foreclosure for every 683 households, more than two times the national average and more than three times the state average.

Foreclosures increased 22 percent in Suffolk County, where 497 foreclosure properties were reported — one for every 1,051 households. The county’s foreclosure rate was more than two times the state average. Nassau County recorded one foreclosure for every 1,242 households, still above state and national averages even though the number of foreclosures reported in August dropped 7.3 percent.

New York State’s foreclosure rate stayed below the national average despite an 8.1 percent increase in the number of foreclosures. The state reported 3,424 properties entering some stage of foreclosure or foreclosed on — one foreclosure for every 2,243 households.

Foreclosures fell 23 percent statewide in New Jersey, dropping the state’s foreclosure rate below the national average. Foreclosures decreased in Bergen, Essex and Hudson counties, and the foreclosure rates in those counties were well below the national average. The foreclosure rate in Union County, N.J. was more than two times the national average, and the county reported a 21 percent increase in the number of properties entering some stage of foreclosure or foreclosed on in August.

Foreclosures nationwide dropped 4.3 percent in August after two consecutive months of increases. Still, August’s foreclosure numbers were higher than any other month except for July. A total of 75,599 properties entered some stage of foreclosure or were foreclosed on — one for every 1,530 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:

State Name NODs NTSs NFSs LISs REOs Total %tile
US 8/2005 18629 26107 1583 11339 17941 75599
Alabama 8/2005 2 55 0 0 16 73 13.73
Alaska 8/2005 0 133 0 0 7 140 72.55
Arizona 8/2005 520 2271 0 0 122 2913 94.12
Arkansas 8/2005 20 879 0 0 69 968 76.47
California 8/2005 4174 510 0 0 126 4810 56.86
Colorado 8/2005 1349 132 0 0 925 2406 92.16
Connecticut 8/2005 876 3 0 0 0 879 68.63
Delaware 8/2005 6 1 0 0 12 19 21.57
District of Columbia 8/2005 0 0 0 0 12 12 17.65
Florida 8/2005 0 0 977 8656 542 10175 96.08
Georgia 8/2005 9 2280 0 0 884 3173 84.31
Hawaii 8/2005 1743 26 0 0 4 1773 100.00
Idaho 8/2005 54 69 0 0 29 152 49.02
Illinois 8/2005 2724 39 0 0 1488 4251 78.43
Indiana 8/2005 910 829 0 0 1105 2844 86.27
Iowa 8/2005 14 2 0 0 0 95 27.45
Kansas 8/2005 9 5 0 0 23 37 11.76
Kentucky 8/2005 109 4 0 0 43 156 31.37
Louisiana 8/2005 48 69 0 0 57 174 33.33
Maine 8/2005 4 0 0 0 0 4 3.92
Maryland 8/2005 8 338 0 0 336 682 52.94
Massachusetts 8/2005 33 289 0 0 2 324 39.22
Michigan 8/2005 2314 167 0 0 1642 4123 82.35
Minnesota 8/2005 6 10 0 0 77 93 19.61
Mississippi 8/2005 1 19 0 0 21 41 9.80
Missouri 8/2005 36 5 0 0 630 671 47.06
Montana 8/2005 2 49 0 0 9 60 43.14
Nebraska 8/2005 56 7 0 0 18 81 37.25
Nevada 8/2005 92 420 0 0 56 568 70.59
New Hampshire 8/2005 1 0 0 0 22 23 15.69
New Jersey 8/2005 613 794 0 0 131 1538 60.78
New Mexico 8/2005 878 4 0 0 46 928 90.20
New York 8/2005 0 0 606 2683 135 3424 58.82
North Carolina 8/2005 130 81 0 0 898 1109 50.98
North Dakota 8/2005 0 1 0 0 4 5 7.84
Ohio 8/2005 143 1839 0 0 2588 4570 80.39
Oklahoma 8/2005 463 523 0 0 199 1185 74.51
Oregon 8/2005 164 226 0 0 80 470 54.90
Pennsylvania 8/2005 131 1541 0 0 867 2539 62.75
Rhode Island 8/2005 0 1 0 0 0 1 1.96
South Carolina 8/2005 41 12 0 0 305 358 45.10
South Dakota 8/2005 1 15 0 0 4 20 25.49
Tennessee 8/2005 10 422 0 0 1048 1480 66.67
Texas 8/2005 16 10676 0 0 2761 13453 98.04
Utah 8/2005 605 9 0 0 286 900 88.24
Vermont 8/2005 1 1 0 0 0 3 5.88
Virginia 8/2005 0 266 0 0 43 309 35.29
Washington 8/2005 32 1005 0 0 148 1185 64.71
West Virginia 8/2005 0 71 0 0 3 74 29.41
Wisconsin 8/2005 278 8 0 0 27 313 41.18
Wyoming 8/2005 1 1 0 0 11 13 23.53

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.

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Media Contact:
Michelle Sabolich
Atomic Public Relations
415-402-0230
michelle.sabolich@atomicpr.com

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