NEW YORK FORECLOSURE ACTIVITY DECREASES 18 PERCENT IN SEPTEMBER

Yearly Total Up 24 Percent From September 2006

 

IRVINE, Calif. – Oct. 26, 2007 – New York reported 4,504 foreclosure filings in September, an 18 percent decrease from the previous month, but still a 24 percent increase from September 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although New York foreclosures have decreased in September, they are up 24 percent from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate has risen significantly over the past year and is now above the national average. This, in addition to a low home price appreciation rate, is likely contributing to the overall rise.”

 

New York ranked 12th in the country in total foreclosures reported for the month. The state’s foreclosure rate of one foreclosure filing for every 1,744 households ranked it 34th among the 50 states.

 

Queens County reports biggest foreclosure total

Queens County reported the highest foreclosure total in New York for September, with 787 foreclosure filings for the month. Suffolk County posted the second highest foreclosure total, reporting 638 foreclosure filings for the month. Kings County reported the third highest foreclosure total, with 591 foreclosure filings.

 

Putnam County posts highest foreclosure rate

Putnam County reported the highest foreclosure rate in New York for September, with one foreclosure filing for every 492 households — 3.6 times the state average. Rockland County documented the second highest foreclosure rate, with one foreclosure filing for every 641 households — 2.7 times the state average. Greene County posted the third highest foreclosure rate, with one foreclosure filing for every 813 households — 2.1 times the state average.

 

State contributes 2 percent to nation’s monthly total

Total foreclosure filings in New York accounted for 2 percent of the 223,538 foreclosure filings nationwide in September. The national total represents an 8 percent decrease from the previous month but is still 99 percent above the total reported for September 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 557 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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

 

 

                            New York Foreclosure Market by County – September 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,234

63,405

21,925

51,172

39,802

223,538

557

n/a

n/a

New York

0

217

697

3,103

487

4,504

1,744

0.32

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

0

5

1

7

13

10,208

0.05

0.17

Allegany

0

0

0

0

7

7

3,551

0.16

0.49

Bronx

0

10

51

186

11

258

1,947

0.29

0.89

Broome

0

6

13

0

11

30

2,964

0.19

0.58

Cattaraugus

0

0

1

1

0

2

20,135

0.03

0.08

Cayuga

0

0

0

0

8

8

4,486

0.12

0.38

Chautauqua

0

1

1

0

8

10

6,552

0.09

0.26

Chemung

0

0

1

1

1

3

12,675

0.04

0.13

Chenango

0

0

2

0

2

4

6,027

0.09

0.28

Clinton

0

0

2

0

0

2

17,063

0.03

0.10

Columbia

0

0

0

0

0

0

n/a

0.00

0.00

Cortland

0

0

0

1

1

2

10,145

0.05

0.17

Delaware

0

0

0

1

0

1

29,456

0.02

0.05

Dutchess

0

17

21

22

7

67

1,652

0.34

1.05

Erie

0

55

162

9

49

275

1,534

0.36

1.13

Essex

0

0

1

1

1

3

8,018

0.07

0.21

Franklin

0

0

0

0

1

1

24,314

0.02

0.07

Fulton

0

0

0

1

0

1

27,993

0.02

0.06

Genesee

0

6

6

0

0

12

2,037

0.27

0.85

Greene

0

0

1

33

0

34

813

0.69

2.14

Hamilton

0

0

0

0

0

0

n/a

0.00

0.00

Herkimer

0

0

2

0

0

2

16,184

0.03

0.10

Jefferson

0

0

0

0

1

1

54,627

0.01

0.03

Kings

0

13

25

511

42

591

1,603

0.35

1.08

Lewis

0

2

0

0

0

2

7,949

0.07

0.21

Livingston

0

0

0

0

0

0

n/a

0.00

0.00

Madison

0

0

0

0

0

0

n/a

0.00

0.00

Monroe

0

4

25

144

58

231

1,350

0.41

1.29

Montgomery

0

1

0

1

2

4

5,641

0.10

0.30

Nassau

0

8

49

251

44

352

1,301

0.43

1.34

New York

0

1

4

64

1

70

11,711

0.05

0.14

Niagara

0

3

9

60

10

82

1,188

0.47

1.46

Oneida

0

0

8

0

12

20

5,159

0.11

0.33

Onondaga

0

19

35

2

17

73

2,750

0.20

0.63

Ontario

0

0

4

0

0

4

11,177

0.05

0.15

Orange

0

9

33

7

12

61

2,155

0.26

0.80

Orleans

0

0

1

9

0

10

1,751

0.32

0.99

Oswego

0

0

0

1

18

19

2,828

0.20

0.61

Otsego

0

0

0

0

0

0

n/a

0.00

0.00

Putnam

0

8

10

53

3

74

492

1.13

3.54

Queens

0

18

51

664

54

787

1,057

0.53

1.65

Rensselaer

0

4

10

0

3

17

3,998

0.14

0.43

Richmond

0

1

10

127

5

143

1,216

0.46

1.43

Rockland

0

2

7

136

6

151

641

0.87

2.72

Saint Lawrence

0

0

0

0

4

4

12,620

0.04

0.13

Saratoga

0

3

20

22

2

47

1,969

0.28

0.88

Schenectady

0

0

3

14

22

39

1,687

0.33

1.03

Schoharie

0

1

1

0

0

2

8,141

0.07

0.21

Schuyler

0

0

0

0

1

1

9,332

0.06

0.18

Seneca

0

0

0

0

0

0

n/a

0.00

0.00

Steuben

0

0

0

1

4

5

9,356

0.06

0.18

Suffolk

0

5

36

575

22

638

845

0.66

2.06

Sullivan

0

1

9

1

1

12

3,917

0.14

0.44

Tioga

0

1

1

0

0

2

10,834

0.05

0.16

Tompkins

0

0

0

0

6

6

6,694

0.08

0.26

Ulster

0

5

23

4

4

36

2,236

0.25

0.78

Warren

0

0

1

0

0

1

36,713

0.02

0.04

Washington

0

0

1

1

2

4

6,924

0.08

0.25

Wayne

0

1

11

0

0

12

3,309

0.17

0.52

Westchester

0

12

33

194

17

256

1,388

0.40

1.25

Wyoming

0

0

8

4

0

12

1,434

0.39

1.21

Yates

0

0

0

0

0

0

n/a

0.00

0.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, 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, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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