NEW YORK CITY FORECLOSURES UP 28 PERCENT

NEW YORK CITY FORECLOSURES INCREASE 28 PERCENT ACCORDING TO REALTYTRAC™ JANUARY U.S. FORECLOSURE MARKET REPORT

New York City Foreclosure Rate Still Lowest of Nation’s Top Five Metro Areas. New York State Foreclosures Up 16 Percent

Irvine, Calif. – Feb. 21, 2006 – New York City foreclosures increased 28 percent in January, mirroring a trend of rising foreclosures across the country, according to the RealtyTrac™ January 2006 U.S. Foreclosure Market Report. The city’s five boroughs reported a total of 2,632 properties entering some stage of foreclosure, a foreclosure rate of one foreclosure for every 1,216 households.

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and AOL Real Estate.

“While pre-foreclosure and foreclosure filings in New York have gradually increased over the last few months, the region’s foreclosure rate remains relatively low when compared with other metropolitan areas,” said James J. Saccacio, chief executive officer of RealtyTrac. “This is a good sign that New York’s real estate market remains vibrant despite all the recent interest rate hikes.”

The 26-county New York metropolitan area recorded a total of 6,301 properties entering some stage of foreclosure in January. The area’s foreclosure rate of one foreclosure for every 1,191 households was lower than foreclosure rates in the Los Angeles, Chicago, Philadelphia and Dallas-Fort Worth metropolitan areas.

“Previous reports only included the five boroughs,” noted Saccacio. “But we’ve added the surrounding counties, to our 2006 monthly reports to provide a more accurate assessment of the entire metropolitan area.”

Three of the five boroughs in New York City documented increasing foreclosures in January. Queens reported 894 properties entering some stage of foreclosure, a 49 percent jump and a foreclosure rate of one foreclosure for every 914 households. Brooklyn reported 1,083 properties entering some stage of foreclosure, a 35 percent increase and a foreclosure rate of one foreclosure for every 859 households. Both boroughs documented foreclosure rates above state and national averages.

Foreclosures also increased in the Bronx, but the borough maintained a foreclosure rate below state and national averages. Bronx County reported 328 properties entering some stage of foreclosure in January, a 16 percent increase and a foreclosure rate of one foreclosure for every 1,495 households.

Manhattan and Staten Island both experienced a 12 percent drop in new foreclosures in January. Manhattan reported 52 properties entering some stage of foreclosure, and the borough’s foreclosure rate of one foreclosure for every 15,348 households was by far the lowest among the five boroughs. Richmond County reported 275 properties entering some stage of foreclosure, making Staten Island’s foreclosure rate — one foreclosure for every 596 households — the highest among the five boroughs.

New York state foreclosures increased 16 percent in January, with 5,205 properties entering some stage of foreclosure. The state’s foreclosure rate of one foreclosure for every 1,475 households was below the national average of one foreclosure for every 1,117 households. Nationwide, a total of 103,540 properties entered some stage of foreclosure in January, a 27 percent increase from the previous month and a 45 percent year-over-year increase.

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 foreclosed on and re-purchased by a bank).

Below are foreclosure market statistics nationwide and by state:

State Name NODs NTSs NFSs LISs REOs Total

1 in every #households

%Change prev. month
US 1/2006 20,822 36,849 3,358 10,212 32,299 103,540 1117 27
Alabama 6 61 0 0 35 102 19,249 28
Alaska 12 63 0 0 22 97 2,115 -2
Arizona 83 1,816 0 0 121 2,020 1,084 -14
Arkansas 28 864 0 0 441 1,333 880 39
California 7,121 1,907 0 0 326 9,354 1,306 22
Colorado 1,561 156 0 0 2,030 3,747 488 196
Connecticut 35 11 0 0 49 95 14,585 -91
Delaware 20 4 0 0 12 36 9,530 140
District of Columbia 1 1 0 0 5 7 39,264 -42
Florida 152 0 1,414 7,957 811 10,334 707 28
Georgia 27 4,617 0 0 2,698 7,342 422 144
Hawaii 12 22 0 0 0 34 13,545 -45
Idaho 54 102 0 0 111 267 1,969 23
Illinois 2,548 111 0 0 1,871 4,530 1,080 8
Indiana 1,056 764 0 0 2,599 4,419 571 30
Iowa 96 12 0 0 274 382 3,227 15
Kansas 26 25 0 0 191 242 4,661 -15
Kentucky 349 39 0 0 223 611 2,865 65
Louisiana 69 10 0 0 44 123 15,310 21
Maine 12 2 0 0 8 22 29,631 267
Maryland 12 545 0 0 26 583 3,675 57
Massachusetts 30 20 0 0 8 58 45,207 -88
Michigan 79 834 0 0 3,759 4,672 904 5
Minnesota 11 47 0 0 141 199 10,392 -15
Mississippi 12 39 0 0 17 68 18,659 -7
Missouri 20 202 0 0 1,030 1,252 1,947 25
Montana 7 65 0 0 13 85 4,848 12
Nebraska 143 19 0 0 203 365 1,969 61
Nevada 790 923 0 0 82 1,795 483 60
New Hampshire 2 6 0 0 5 13 42,079 86
New Jersey 2,356 853 0 0 265 3,474 953 30
New Mexico 404 196 0 0 70 670 1,165 -1
New York 190 0 1,944 2,255 816 5,205 1,475 16
North Carolina 327 117 0 0 1,952 2,396 1,469 60
North Dakota 5 1 0 0 28 34 8,520 467
Ohio 567 3,291 0 0 4,410 8,268 578 22
Oklahoma 456 702 0 0 557 1,715 871 5
Oregon 193 312 0 0 200 705 2,065 38
Pennsylvania 949 2,177 0 0 1,064 4,190 1,253 27
Rhode Island 0 2 0 0 1 3 146,612 50
South Carolina 151 73 0 1 593 817 2,145 47
South Dakota 3 14 0 0 14 31 10,426 182
Tennessee 14 1,940 0 0 1,715 3,669 668 85
Texas 104 11,949 0 0 2,616 14,669 549 15
Utah 567 567 0 0 208 936 821 7
Vermont 7 1 0 0 6 14 21,027 133
Virginia 3 369 0 0 113 485 5,951 31
Washington 42 1,169 0 0 336 1,547 1,546 38
West Virginia 0 79 0 0 15 94 8,985 -20
Wisconsin 108 154 0 0 136 398 5,786 -5
Wyoming 0 2 0 0 11 13 17,220 -13

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 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! 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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