New York Foreclosure Activity Declines in February

Statewide filings decrease 29 percent from January

 

Foreclosure activity in New York decreased in February to 3,237 properties with foreclosure filings, down 29 percent from the previous month and 20 percent below the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity dropped in New York in February, bringing it to a level well below what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Since a similar lull in foreclosure activity occurred in many states at the beginning of last year, it will be interesting to see whether the number of filings stays low or jumps back up going into the second quarter like it did one year ago.”

 

One in every 2,464 New York housing units received a foreclosure filing in February, the 41st highest rate in the nation.

 

Putnam County posts top foreclosure rate in the state for February

Putnam County posted the state’s highest county foreclosure rate in February, with one in every 936 housing units receiving a foreclosure filing — 2.6 times the state average. Richmond County was second, with one in every 974 housing units receiving a foreclosure filing — 2.5 times the state average. Rockland County came in third highest, with one in every 1,257 housing units receiving a foreclosure filing — twice the state average.

 

Kings County led the state in total foreclosures in February

Kings County led the way, totaling 495 properties with foreclosure filings for the month. Queens County was second, documenting 486 properties with foreclosure filings. Suffolk County ranked third highest, reporting 348 properties with foreclosure filings for the month. Nassau County came in fourth place, reporting 318 properties with foreclosure filings, while the fifth highest total was in Westchester County, where 256 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

New York accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

New York Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

New York

0

1,987

0

691

559

3,237

2,464

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Putnam

0

21

0

16

2

39

936

0.45

2.63

Richmond

0

125

0

43

16

184

974

0.43

2.53

Rockland

0

61

0

0

18

79

1,257

0.33

1.96

Niagara

0

57

0

16

3

76

1,293

0.32

1.91

Westchester

0

147

0

50

59

256

1,412

0.30

1.75

 

 

New York Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

New York

0

1,987

0

691

559

3,237

2,464

-29.15

-20.43

 

 

 

 

 

 

 

 

 

 

Kings

0

424

0

42

29

495

1,955

-28.57

5.77

Queens

0

398

0

11

77

486

1,730

-21.10

-12.59

Suffolk

0

270

0

57

21

348

1,568

-54.51

-48.44

Nassau

0

267

0

1

50

318

1,441

-38.96

-5.92

Westchester

0

147

0

50

59

256

1,412

-25.15

8.94

 

 

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