New York Foreclosure Activity Declines in January

Statewide filings down 9 percent from December; Up 31 percent from a year ago

 

Foreclosure activity in New York decreased in January to 4,569 properties with foreclosure filings, a 9 percent decline from December 2009, but still up 31 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“New York foreclosures were down in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest drop was in auctions, which fell 29 percent for the month. While the state’s unemployment rate has increased recently, it is still below the national average. This has likely contributed to the decrease.”

 

New York ranked 17th in the country in total foreclosures reported for the month. With one in every 1,746 housing units receiving a foreclosure filing, its foreclosure rate ranked 41st among the 50 states.

 

Putnam County posts top foreclosure rate in the state for January

Putnam County posted the state’s highest county foreclosure rate in January, with one in every 599 housing units receiving a foreclosure filing — 2.9 times the state average. Orange County was second, with one in every 685 housing units receiving a foreclosure filing — 2.6 times the state average. Suffolk County came in third highest, with one in every 713 housing units receiving a foreclosure filing — 2.5 times the state average. Richmond County posted the fourth highest foreclosure rate, where one in every 759 housing units received a foreclosure filing during the month — 2.3 times the state average. Niagara County documented the fifth highest foreclosure rate, where one in every 812 housing units received a foreclosure filing during the month — 2.2 times the state average.

 

Suffolk County dominates state in total foreclosure filings for January

Suffolk County led all counties, totaling 765 properties with foreclosure filings for the month. Kings County was second highest, documenting 693 properties with foreclosure filings. Reporting 616 properties with foreclosure filings for the month, Queens County had the third highest foreclosure total. Nassau County came in fourth highest, reporting 521 properties with foreclosure filings, followed by Westchester County where 342 properties with foreclosure filings were reported.

 

State responsible for less than one percent of nation’s foreclosure total in January

New York accounted for less than one percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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: DefaultNotice 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

New York

0

3,440

0

611

518

4,569

1,746

0.23

n/a

 

 

 

 

 

 

 

 

 

 

Putnam

0

42

0

5

14

61

599

0.68

2.92

Orange

0

112

0

56

29

197

685

0.59

2.55

Suffolk

0

626

0

75

64

765

713

0.57

2.45

Richmond

0

185

0

28

23

236

759

0.53

2.30

Niagara

0

91

0

11

19

121

812

0.50

2.15

 

           

 

New York Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

New York

0

3,440

0

611

518

4,569

1,746

-8.58

30.69

 

 

 

 

 

 

 

 

 

 

Suffolk

0

626

0

75

64

765

713

46.55

38.09

Kings

0

626

0

42

25

693

1,396

-8.45

86.79

Queens

0

526

0

13

77

616

1,365

-2.07

-1.60

Nassau

0

504

0

2

15

521

879

-12.44

108.40

Westchester

0

283

0

54

5

342

1,057

6.21

59.07

 

 

 

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