NEW YORK CITY MAY FORECLOSURE RATES CONSISTENT ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT™
New York City’s Foreclosure Rates In Line With Other Major Cities; Newark, N.J., Rate Jumps to Three Times National Average
Irvine, Calif. – June 22, 2005 – While New York City maintained a foreclosure rate about 1.5 times the national average, the number of new foreclosures in nearby Newark, N.J. increased 124 percent, according to the RealtyTrac™ May 2005 Monthly U.S. Foreclosure Market Report™.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in more than 1,900 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Newark’s numbers belied otherwise average foreclosure statistics in the New York City area, where foreclosure rates placed in the middle of the pack among the nation’s top-five metropolitan areas for the second month in a row. Chicago and Philadelphia had higher foreclosure rates, but Dallas and Los Angeles had lower foreclosure rates.
“New York City as a whole produced average foreclosure rates for a major metropolitan area,” said James J. Saccacio, chief executive officer at RealtyTrac. “We’ll be interested to see next month if the spike in Newark is a one-month anomaly or the beginning of a trend.”
With 514 new foreclosures in May, the Newark area’s foreclosure rate jumped to more than three times the national rate, with one foreclosure for every 586 households in Essex County. That was two times the state rate and bucked the trend of neighboring Bergen and Hudson counties, both of which had foreclosure rates below state and national averages.
Three counties in the New York metropolitan area — King, Queens and Bronx — accounted for 57 percent of the state’s foreclosures in May. Averaging one foreclosure for every 1,124 households, the foreclosure rates in King and Queens counties were more than two times the state foreclosure rate.
Bronx County’s foreclosure rate of one foreclosure for every 1,465 properties aligned more closely to the neighboring Suffolk and Nassau counties. All three counties recorded foreclosure rates less than two times the state average, which stayed below the national average for the second month in a row.
The number of new foreclosures in Union County, N.J., dropped 48 percent from April, when its foreclosure rate was more than three times the national average. With 181 new foreclosures in May, the county’s foreclosure rate fell to one foreclosure for every 1,066 households. That was less than two times the national rate and just slightly above the state average, which rose in May to 1.6 times the national rate.
Both states experienced increases in the number of new foreclosures in May, with a 15 percent jump in New Jersey and a 2 percent rise in New York. Nationwide, the number of new properties in foreclosure decreased 2.5 percent in May, with 62,432 compared to 64,057 in April. May’s foreclosure statistics closely mirrored those in March, reversing a slight increase in April and indicating continued stability in the national real estate market.
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 5/2005||0||2||0||0||17||19||25.49|
|New Hampshire 5/2005||0||1||0||0||5||6||4.90|
|New Jersey 5/2005||1954||773||0||0||105||2832||86.27|
|New Mexico 5/2005||1032||306||0||0||71||1409||100.00|
|New York 5/2005||0||0||453||2660||181||3294||61.76|
|North Carolina 5/2005||7||30||0||0||983||1020||49.02|
|North Dakota 5/2005||0||1||0||0||13||14||15.69|
|Rhode Island 5/2005||1||2||0||0||0||3||1.96|
|South Carolina 5/2005||27||8||0||0||486||521||50.98|
|South Dakota 5/2005||0||0||0||0||5||5||8.82|
|West Virginia 5/2005||0||5||0||0||13||18||12.75|
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 AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations