New York Foreclosure Activity Falls in October

Statewide filings down 16 percent from September

 

New York reported 4,797 properties with foreclosure filings, down 16 percent from the previous month, but still 28 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

New York welcomed a drop in foreclosure filings in October, although the level of activity remained well above what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Homeowners in peril are looking toward the recently-passed Governor’s Program Bill which provides additional protections for state homeowners, tenants and neighborhoods, and builds on subprime lending reform law originally enacted last year.”

 

New York ranked 16th in foreclosure total nationally for October. One in every 1,655 New York housing units received a foreclosure filing in October, the 40th highest foreclosure rate in the nation.

 

Suffolk County tops state in foreclosure rate and activity in October

Suffolk County posted the highest county foreclosure rate in the state for October, with one in every 587 housing units receiving a foreclosure filing — 2.8 times the state average. The county also led the state in foreclosure activity, reporting 928 properties with foreclosure filings for the month.

 

With one in every 702 housing units receiving a foreclosure filing — 2.4 times the state average — Putnam County had the second highest foreclosure rate in the state. Richmond County had the third highest rate, with one in every 754 housing units receiving a foreclosure filing — 2.2 times the state average. Fourth highest foreclosure rate was in Rockland County, where one in every 836 housing units received a foreclosure filing during the month — twice the state average. Nassau County had the fifth highest rate, reporting one in every 921 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Queens County was second highest in total foreclosure activity, documenting 706 properties with foreclosure filings. Reporting 544 properties with foreclosure filings for the month, Kings County was third highest total in the state. Nassau County came in fourth, reporting 498 properties with foreclosure filings, while the fifth highest total was in Westchester County, where 340 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

New York accounted for 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

New York

0

3,601

0

703

493

4,797

1,655

0.23

n/a

 

 

 

 

 

 

 

 

 

 

Suffolk

0

832

0

76

20

928

587

0.66

2.82

Putnam

0

42

0

3

7

52

702

0.55

2.36

Richmond

0

183

0

23

30

236

754

0.51

2.19

Rockland

0

109

0

1

8

118

836

0.46

1.98

Nassau

0

489

0

2

7

498

921

0.42

1.80

 

 

New York Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

New York

0

3,601

0

703

493

4,797

1,655

-15.74

27.55

 

 

 

 

 

 

 

 

 

 

Suffolk

0

832

0

76

20

928

587

5.45

215.65

Queens

0

620

0

18

68

706

1,183

-12.52

-0.84

Kings

0

483

0

35

26

544

1,764

-16.82

87.59

Nassau

0

489

0

2

7

498

921

-29.56

62.75

Westchester

0

254

0

32

54

340

1,054

-0.87

56.68

 

 

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