NEW YORK CITY FORECLOSURES INCREASE 8 PERCENT ACCORDING TO REALTYTRAC™ MARCH U.S. FORECLOSURE MARKET REPORT
New York City Foreclosure Rate Remains Lowest of Nation’s Top Five Metro Areas. New York State Foreclosures Down From Previous Month But Up From a Year Ago.
Irvine, Calif. – April 18, 2006 – New York City foreclosures increased 8 percent in March, but the region’s foreclosure rate stayed below the national average and lowest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ March 2006 U.S. Foreclosure Market Report. The 26-county New York metropolitan area recorded a total of 5,718 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 1,313 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, AOL Real Estate and Knight Ridder Online.
“Despite the increase in March, New York City foreclosures are still down overall for the year, and the region’s foreclosure rate remains lowest among the nation’s top five metro areas,” said James J. Saccacio, chief executive officer of RealtyTrac. “At their current level foreclosures won’t have a big impact on the city’s housing market, but that could change market conditions worsen in the coming months.”
For the fourth month in a row, the New York metropolitan area documented a foreclosure rate lower than the foreclosure rates in Los Angeles, Chicago, Philadelphia and Dallas-Fort Worth. Out of these five metropolitan areas, New York was the only one with a foreclosure rate below the national average.
Manhattan continued to document the lowest foreclosure rate among New York City’s five boroughs thanks to an 18 percent decrease in foreclosures. New York County reported 50 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 15,963 households.
Queens also documented fewer foreclosures in March, with 333 properties entering some stage of foreclosure during the month — a 9 percent decrease from the previous month. The borough’s foreclosure rate of one new foreclosure for every 2,454 households was less than half the national average.
Foreclosure rates in the Bronx and Brooklyn stayed below the national average despite increasing foreclosures in March. Bronx County reported 321 properties entering some stage of foreclosure, a 26 percent increase, and Kings County reported 757 properties entering some stage of foreclosure, a 2 percent increase.
With one new foreclosure for every 698 households, Staten Island continued to document the highest foreclosure rate among the five boroughs. The borough reported 235 properties entering some stage of foreclosure in March, down just one property from the previous month.
New York state reported 3,995 properties entering some stage of foreclosure in March, a 13 percent decrease from the previous month but more than three times the number reported in March 2005. The city’s foreclosure rate of one new foreclosure for every 1,922 households was well below the national average.
Nationwide a total of 101,597 properties entered some stage of foreclosure in March, a 13 percent decrease from the previous month but a 63 percent year-over-year increase from March 2005. The U.S. documented a March foreclosure rate of one new foreclosure for every 1,138 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 foreclosed on and repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|New York State||2||0||614||3,164||215||3,995||1,922||-13|
|New York City||2,595||333||442||2,182||166||5,718||1,313||8|
|Fairfield County, CT||202||7||0||0||0||209||1,624||4|
|New Haven County, CT||251||4||0||0||1||256||1,330||-10|
|Bergen County, NJ||177||30||0||0||4||211||1,611||69|
|Cumberland County, NJ||81||8||0||0||23||112||472||12|
|Essex County, NJ||402||62||0||0||38||502||600||-11|
|Hudson County, NJ||93||12||0||0||4||109||2,208||2,208|
|Hunterdon County, NJ||56||3||0||0||2||61||738||69|
|Mercer County, NJ||82||33||0||0||20||135||987||-1|
|Middlesex County, NJ||135||36||0||0||5||176||1,555||10|
|Monmouth County, NJ||270||16||0||0||1||287||839||22|
|Morris County, NJ||55||1||0||0||0||56||3,114||-2|
|Ocean County, NJ||250||31||0||0||24||305||815||-6|
|Passaic County, NJ||105||25||0||0||2||132||1,288||6|
|Somerset County, NJ||79||11||0||0||4||94||1,192||15|
|Sussex County, NJ||42||10||0||0||4||56||1,009||2|
|Union County, NJ||253||37||0||0||8||298||647||26|
|Warren County, NJ||60||7||0||0||3||70||588||27|
|Bronx County, NY||0||0||31||290||0||321||1,529||26|
|Kings County, NY||0||0||113||638||6||757||1,230||2|
|New York (Manhattan) County, NY||0||0||13||36||1||50||15,963||-18|
|Putnam County, NY||0||0||0||33||2||35||1,001||-31|
|Queens County, NY||0||0||69||262||2||333||2,454||-9|
|Richmond County, NY||1||0||27||205||2||235||698||0|
|Rockland County, NY||0||0||26||181||4||211||450||137|
|Suffolk County, NY||1||0||117||435||3||556||939||21|
|Westchester County, NY||0||0||46||102||3||151||2,314||-2|
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