New York Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; down from a year ago

 

Foreclosure activity in New York fell 2 percent during the first quarter of 2010, but was up 10 percent from the same period last year. In all, the state reported 12,149 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 4,215 properties with foreclosure filings, a 30 percent increase from the previous month, but 7 percent above the level reported in March 2009. One in every 1,893 New York housing units received a foreclosure filing during the month, the 43rd highest state foreclosure rate.

 

“After a significant drop during the fourth quarter of last year, New York foreclosures drop again slightly during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 4 percent. The state’s unemployment rate continues to remain below the national average, and property values have not fallen as far as most other states. These trends are definitely contributing to the decline.”

 

New York ranked 17th in the country in total foreclosures for the first quarter. With one in every 657 housing units receiving a foreclosure filing, its foreclosure rate ranked 42nd among the 50 states.

 

Putnam County tops in foreclosure rate for the first quarter

Putnam County posted the highest county foreclosure rate in New York during the first quarter, as one in every 255 housing units received a foreclosure filing — 2.6 times the state average. Orange County came in second, with one in every 273 housing units receiving a foreclosure filing — 2.4 times the state average. Suffolk County came in third highest foreclosure rate, with one in every 280 housing units receiving a foreclosure filing — 2.3 times the state average.

 

Suffolk County led state in total foreclosures for the first quarter

Suffolk County documented 1,947 properties with foreclosure filings for the first quarter. Kings County was second, reporting 1,737 properties with foreclosure filings. Reporting 1,694 properties with foreclosure filings for the month, Queens County came in third.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

New York represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

New York

0

8,824

0

1,799

1,526

12,149

657

0.00

n/a

 

 

 

 

 

 

 

 

 

 

Putnam

0

95

0

24

24

143

255

0.54

2.57

Orange

0

320

0

125

50

495

273

0.51

2.41

Suffolk

0

1,635

0

212

100

1,947

280

0.49

2.34

Richmond

0

473

0

98

60

631

284

0.49

2.31

Nassau

0

1,245

0

7

73

1,325

346

0.40

1.90

 

 

 

New York Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

New York

0

8,824

0

1,799

1,526

12,149

657

-2.00

10.28

 

 

 

 

 

 

 

 

 

 

Suffolk

0

1,635

0

212

100

1,947

280

8.95

9.81

Kings

0

1,539

0

89

109

1,737

557

6.56

51.04

Queens

0

1,395

0

35

264

1,694

496

1.93

-3.09

Nassau

0

1,245

0

7

73

1,325

346

-4.40

41.11

Westchester

0

547

0

157

78

782

462

-8.43

24.32

 

 

 

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