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:
|District of Columbia 8/2005||0||0||0||0||12||12||17.65|
|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|
|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|
|West Virginia 8/2005||0||71||0||0||3||74||29.41|
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