NEW YORK FORECLOSURE ACTIVITY DOWN 3 PERCENT IN MARCH

Statewide Foreclosure Filings Up 37 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – New York reported 5,088 properties with foreclosure filings in March, 3 percent decrease from the previous month, but still a 37 percent increase from March 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.

 

“Although New York foreclosures have decreased slightly in March, the numbers are still up from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate was lower than the national average last year. This may be contributing to the overall rise.”

 

New York ranked 13th in the country in total foreclosures reported for the month. With one in every 1,554 households receiving a foreclosure filing, New Yorks foreclosure rate ranked 30th among the 50 states.

 

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

Five New York counties accounted for 57 percent of all foreclosure activity in the state for March. Queens County reported the highest foreclosure total, reporting 836 properties with foreclosure filings. Suffolk County came in second, documenting 695 properties with foreclosure filings. Kings County reported the third highest foreclosure total, reporting 590 properties with foreclosure filings. Fourth highest foreclosure total was documented in Nassau County, where 442 properties with foreclosure filings were reported. Monroe County came in fifth, reporting 335 properties with foreclosure filings.

 

Richmond County posts top foreclosure rate for March

Richmond County tallied the highest county foreclosure rate in the state in March, with one in every 607 households receiving a foreclosure filing for the month — 2.6 times the state average. Orleans County posted the state’s second highest foreclosure rate, with one in every 674 households receiving a foreclosure filing during the month — 2.3 times the state average. Putnam County reported the third highest foreclosure rate in the state, where one in every 675 households received a foreclosure filing in March — 2.3 times the state average.

 

State accounts for 2 percent of nation’s total in March

Total foreclosure filings in New York accounted for 2 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

New York

0

3,384

9

873

822

5,088

1,554

0.35

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

20

0

15

16

51

2,612

0.21

0.59

Allegany

0

0

0

1

8

9

2,764

0.19

0.56

Bronx

0

181

0

32

12

225

2,251

0.24

0.69

Broome

0

0

0

0

19

19

4,678

0.12

0.33

Cattaraugus

0

0

0

0

9

9

4,484

0.12

0.35

Cayuga

0

0

0

0

9

9

3,990

0.13

0.39

Chautauqua

0

0

4

1

2

7

9,392

0.06

0.17

Chemung

0

0

0

0

7

7

5,433

0.10

0.29

Chenango

0

0

0

0

4

4

6,042

0.09

0.26

Clinton

0

0

0

0

0

0

 n/a

0.00

0.00

Columbia

0

0

0

2

0

2

15,814

0.03

0.10

Cortland

0

0

0

0

6

6

3,380

0.16

0.46

Delaware

0

0

0

0

4

4

7,383

0.07

0.21

Dutchess

0

47

0

31

39

117

953

0.56

1.63

Erie

0

1

1

163

137

302

1,399

0.38

1.11

Essex

0

0

0

0

3

3

8,089

0.07

0.19

Franklin

0

0

0

0

2

2

12,199

0.04

0.13

Fulton

0

1

0

0

9

10

2,802

0.19

0.55

Genesee

0

0

0

5

0

5

4,890

0.11

0.32

Greene

0

0

0

1

0

1

27,939

0.02

0.06

Hamilton

0

0

0

0

1

1

8,237

0.07

0.19

Herkimer

0

0

0

0

1

1

32,437

0.02

0.05

Jefferson

0

0

0

0

1

1

54,872

0.01

0.03

Kings

0

497

1

69

23

590

1,618

0.33

0.96

Lewis

0

0

0

0

0

0

 n/a

0.00

0.00

Livingston

0

0

0

0

8

8

3,120

0.17

0.50

Madison

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

0

285

0

9

41

335

934

0.58

1.66

Montgomery

0

0

0

0

15

15

1,504

0.36

1.03

Nassau

0

383

0

8

51

442

1,037

0.52

1.50

New York

0

71

3

12

1

87

9,660

0.06

0.16

Niagara

0

59

0

6

5

70

1,395

0.39

1.11

Oneida

0

0

0

2

13

15

6,889

0.08

0.23

Onondaga

0

1

0

43

43

87

2,316

0.23

0.67

Ontario

0

0

0

1

15

16

2,814

0.19

0.55

Orange

0

16

0

35

38

89

1,494

0.36

1.04

Orleans

0

10

0

2

14

26

674

0.80

2.31

Oswego

0

0

0

1

13

14

3,843

0.14

0.40

Otsego

0

0

0

0

8

8

3,811

0.14

0.41

Putnam

0

47

0

4

3

54

675

0.80

2.30

Queens

0

612

0

155

69

836

996

0.54

1.56

Rensselaer

0

0

0

12

1

13

5,282

0.10

0.29

Richmond

0

194

0

86

12

292

607

0.89

2.56

Rockland

0

97

0

9

2

108

898

0.60

1.73

Saint Lawrence

0

0

0

0

0

0

 n/a

0.00

0.00

Saratoga

0

51

0

14

5

70

1,339

0.40

1.16

Schenectady

0

1

0

13

17

31

2,129

0.25

0.73

Schoharie

0

0

0

0

1

1

16,376

0.03

0.09

Schuyler

0

0

0

3

0

3

3,117

0.17

0.50

Seneca

0

0

0

0

4

4

3,709

0.15

0.42

Steuben

0

1

0

1

14

16

2,926

0.18

0.53

Suffolk

0

617

0

28

50

695

781

0.69

1.99

Sullivan

0

1

0

13

4

18

2,658

0.20

0.58

Tioga

0

0

0

1

4

5

4,335

0.12

0.36

Tompkins

0

0

0

0

4

4

10,101

0.05

0.15

Ulster

0

1

0

24

8

33

2,460

0.22

0.63

Warren

0

0

0

1

9

10

3,716

0.14

0.42

Washington

0

0

0

2

7

9

3,139

0.17

0.50

Wayne

0

0

0

18

9

27

1,478

0.36

1.05

Westchester

0

190

0

47

21

258

1,378

0.39

1.13

Wyoming

0

0

0

2

0

2

8,630

0.06

0.18

Yates

0

0

0

1

1

2

6,218

0.09

0.25

 

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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