New York Foreclosure Activity Down 8 Percent in November

Statewide foreclosure filings up 69 percent from previous year

 

New York foreclosure activity fell in November to 4,401 properties with foreclosure filings, down 8 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 69 percent ahead of the level reported in November 2008.

 

“New York foreclosures fell in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which dropped 28 percent for the month. The state’s unemployment rate remains below the national average and decreased slightly during month. Home sales are also beginning to pick up. These factors are likely responsible for the recent decline.”

 

New York ranked 15th in the country in total foreclosures reported for the month. With one in every 1,804 housing units receiving a foreclosure filing, its foreclosure rate ranked 39th among the 50 states.

 

Orange County posts state’s highest foreclosure rate in November

Orange County posted the highest county foreclosure rate in the state for November, with one in every 522 housing units receiving a foreclosure filing — 3.5 times the state average. Putnam City had the second highest foreclosure rate, with one in every 618 housing units receiving a foreclosure filing — 2.9 times the state average. Richmond County came in third highest, with one in every 679 housing units receiving a foreclosure filing — 2.7 times the state average.

 

Kings County led state in total foreclosure filings for November

Kings County led all counties, totaling 749 properties with foreclosure filings for the month. Suffolk County was second highest once again, documenting 567 properties with foreclosure filings. Reporting 540 properties with foreclosure filings for the month, Queens County had the third highest total in the state, while Nassau County was fourth highest, reporting 522 properties with foreclosure filings for the month.

 

State contributed 1 percent to nation’s foreclosure total in November

New York accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

New York

0

3,285

0

509

607

4,401

1,804

0.23

n/a

 

 

 

 

 

 

 

 

 

 

Orange

0

192

0

58

7

257

522

0.80

3.46

Putnam

0

41

0

6

12

59

618

0.67

2.92

Richmond

0

214

0

28

20

262

679

0.61

2.66

Rockland

0

109

0

2

6

117

843

0.49

2.14

Nassau

0

488

0

4

30

522

878

0.47

2.05

 

 

 

New York Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

New York

0

3,285

0

509

607

4,401

1,804

-8.26

69.20

 

 

 

 

 

 

 

 

 

 

Kings

0

720

0

5

24

749

1,281

0.33

1.41

Suffolk

0

418

0

60

89

567

960

0.43

1.88

Queens

0

459

0

5

76

540

1,547

0.27

1.17

Nassau

0

488

0

4

30

522

878

0.47

2.05

Bronx

0

264

0

23

25

312

1,630

0.26

1.11

 

 

 

 

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