NEW YORK FORECLOSURE ACTIVITY DOWN 11 PERCENT IN AUGUST

Statewide Filings Down Less Than One Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – New York reported 5,475 properties with foreclosure filings in August, an 11 percent decrease from the previous month, and less than one percent below the level reported for August 2007, 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.

 

“After two months in the nation’s top 10 states for foreclosure activity, New York dropped below the line in August to a level that is barely below last year’s total at this time,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although foreclosure activity is down for the month, the state’s unemployment rate was 5.8 percent in August, the highest it’s been since July 2004. Uncertainty in the coming months regarding the crisis on Wall Street could result in more job losses and further foreclosures in the future.”

 

New York ranked 11th in the country in total foreclosures reported for the month. With one in every 1,444 households receiving a foreclosure filing, New Yorks foreclosure rate ranked 33rd among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five New York counties accounted for 59 percent of all foreclosure activity in the state for August. Queens County reported the highest foreclosure total, reporting 946 properties with foreclosure filings. Kings County came in second, documenting 629 properties with foreclosure filings. Suffolk County had the third highest total, reporting 601 properties with foreclosure filings. Fourth highest foreclosure total was documented in Erie County, where 566 properties with foreclosure filings were reported. Nassau County came in fifth, reporting 478 properties with foreclosure filings.

 

Putnam County posts top foreclosure rate in August

One in every 570 households in Putnam County received a foreclosure filing for the month — 2.5 times the state average. Richmond County posted the state’s second highest foreclosure rate, with one in every 601 households receiving a foreclosure filing during the month — 2.4 times the state average. Third highest rate was reported in Orleans County, where one in every 730 households received a foreclosure filing in August.

 

State a minor contributor to nation’s total activity in August

New York accounted for 2 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

New York

0

3,689

11

948

827

5,475

1,444

0.29

n/a

 

 

 

 

 

 

 

 

 

Albany

0

22

0

16

3

41

3,250

0.13

0.44

Allegany

0

0

0

1

1

2

12,440

0.03

0.12

Bronx

0

200

0

24

12

236

2,146

0.19

0.67

Broome

0

30

0

21

4

55

1,616

0.26

0.89

Cattaraugus

0

0

0

1

1

2

20,179

0.02

0.07

Cayuga

0

1

0

2

12

15

2,394

0.17

0.60

Chautauqua

0

2

0

1

3

6

10,957

0.04

0.13

Chemung

0

1

0

6

1

8

4,754

0.09

0.30

Chenango

0

1

1

0

2

4

6,042

0.07

0.24

Clinton

0

1

0

9

1

11

3,124

0.13

0.46

Columbia

0

0

1

6

0

7

4,518

0.09

0.32

Cortland

0

0

0

0

3

3

6,761

0.06

0.21

Delaware

0

0

0

0

0

0

 n/a

0.00

0.00

Dutchess

0

20

0

48

30

98

1,138

0.37

1.27

Erie

0

313

-1

123

131

566

746

0.56

1.93

Essex

0

1

0

6

1

8

3,033

0.14

0.48

Franklin

0

0

0

1

0

1

24,397

0.02

0.06

Fulton

0

0

0

2

7

9

3,113

0.13

0.46

Genesee

0

14

0

8

0

22

1,111

0.37

1.30

Greene

0

0

0

6

0

6

4,657

0.09

0.31

Hamilton

0

0

0

0

0

0

 n/a

0.00

0.00

Herkimer

0

0

0

0

6

6

5,406

0.08

0.27

Jefferson

0

0

0

4

0

4

13,718

0.03

0.11

Kings

0

553

1

51

24

629

1,517

0.27

0.95

Lewis

0

0

0

0

0

0

 n/a

0.00

0.00

Livingston

0

11

0

0

12

23

1,085

0.38

1.33

Madison

0

0

0

0

1

1

29,376

0.01

0.05

Monroe

0

289

1

18

100

408

767

0.54

1.88

Montgomery

0

2

0

5

1

8

2,820

0.15

0.51

Nassau

0

386

0

36

56

478

959

0.43

1.51

New York

0

48

0

7

2

57

14,745

0.03

0.10

Niagara

0

58

0

21

6

85

1,149

0.36

1.26

Oneida

0

0

0

2

7

9

11,482

0.04

0.13

Onondaga

0

3

1

41

21

66

3,052

0.14

0.47

Ontario

0

14

0

1

0

15

3,002

0.14

0.48

Orange

0

7

1

77

8

93

1,430

0.29

1.01

Orleans

0

16

0

5

3

24

730

0.57

1.98

Oswego

0

12

0

2

7

21

2,562

0.16

0.56

Otsego

0

0

0

0

1

1

30,489

0.01

0.05

Putnam

0

45

0

13

6

64

570

0.73

2.54

Queens

0

735

1

88

122

946

880

0.47

1.64

Rensselaer

0

1

0

16

1

18

3,815

0.11

0.38

Richmond

0

192

1

77

25

295

601

0.69

2.40

Rockland

0

30

1

10

12

53

1,831

0.23

0.79

Saint Lawrence

0

0

0

0

14

14

3,612

0.12

0.40

Saratoga

0

0

0

17

9

26

3,606

0.12

0.40

Schenectady

0

2

0

4

21

27

2,445

0.17

0.59

Schoharie

0

1

0

0

2

3

5,459

0.08

0.26

Schuyler

0

0

0

1

0

1

9,351

0.04

0.15

Seneca

0

1

0

0

0

1

14,834

0.03

0.10

Steuben

0

3

1

0

5

9

5,201

0.08

0.28

Suffolk

0

492

1

30

78

601

903

0.46

1.60

Sullivan

0

1

0

5

4

10

4,784

0.09

0.30

Tioga

0

0

0

0

1

1

21,676

0.02

0.07

Tompkins

0

1

0

0

3

4

10,101

0.04

0.14

Ulster

0

0

0

16

15

31

2,618

0.16

0.55

Warren

0

2

0

15

5

22

1,689

0.25

0.86

Washington

0

0

0

6

6

12

2,354

0.18

0.61

Wayne

0

23

0

2

2

27

1,478

0.28

0.98

Westchester

0

154

1

91

24

270

1,317

0.32

1.10

Wyoming

0

0

0

4

5

9

1,918

0.22

0.75

Yates

0

1

0

2

0

3

4,145

0.10

0.35

 

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

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved