New York City’s Foreclosure Rate Still Below National Average
New York State Foreclosures Up 13 Percent
IRVINE, Calif. – Dec. 19, 2006 – Foreclosure filings in New York City increased nearly 14 percent in November, the second straight month of increasing foreclosure activity, but the city’s foreclosure rate still remained below the national average and lowest among five of the nation’s largest metropolitan areas, according to the RealtyTrac™ U.S. Metropolitan Foreclosure Market Report.
The 10-county metropolitan area recorded a total of 3,007 new foreclosure filings, a foreclosure rate of one new foreclosure filing for every 1,417 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
“New York’s foreclosure rate is still comfortably below the national average and lower than foreclosure rates in other major metropolitan areas, but the city’s foreclosures have risen more than 40 percent over the last two months, a sign that the cooling housing market could be trickling down to distressed homeowners and making it harder for them to avoid default or foreclosure,” said James J. Saccacio, chief executive officer of RealtyTrac. “And with New York state’s home prices posting a quarterly decline in the third quarter, foreclosures in the state could continue to rise.”
New York registered the lowest foreclosure rate among five of the nation’s top metropolitan areas. The city’s foreclosure rate was lower than the rates in Dallas, Philadelphia, Los Angeles and Chicago.
Kings County (Brooklyn) reported 906 new foreclosure filings, the most of any county in the metro area and an increase of 11 percent from the previous month. The county’s foreclosure rate of one foreclosure filing for every 1,027 households remained below the national average but was 1.5 times the state average.
Richmond County (Staten Island) continued to post the metro area’s highest foreclosure rate despite a 27 percent decrease in foreclosure activity. The county reported 196 new foreclosure filings in November, a foreclosure rate of one new foreclosure filing for every 837 households — slightly above the national average and 1.9 times the state average.
New York (Manhattan) and Rockland counties were the only other two counties in the metro area to document decreasing foreclosure activity in November. New York County reported 67 new foreclosure filings, a decrease of 3 percent from the previous month and a foreclosure rate of one new foreclosure for every 11,913 households — lowest in the metro area. Rockland County’s foreclosure rate of one new foreclosure filing for every 840 households remained above the national average despite an 11 percent drop in foreclosure activity.
New York State reported 4,881 new foreclosure filings in November, an increase of more than 13 percent from the previous month and up nearly 4 percent from November 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,573 households registered below the national average and was 20th highest among all the state foreclosure rates.
A total of 120,334 new foreclosure filings were reported nationwide in November, an increase of more than 4 percent from the previous month and an increase of more than 68 percent from November 2005. The national foreclosure rate of one new foreclosure filing for every 961 households was the highest national foreclosure rate reported in any month so far this year.
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 repossessed by a bank).
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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Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.
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