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:
1 in every #households
|%Change prev. month|
|District of Columbia||1||1||0||0||5||7||39,264||-42|
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.
Atomic Public Relations