NEW YORK FORECLOSURE ACTIVITY INCREASES 32 PERCENT IN FIRST QUARTER

State Foreclosure Activity Down 23 Percent From Q1 2008

Monthly Activity Up 11 percent in March, Drops 11 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 11,017 New York properties in the first quarter of 2009, a 32 percent increase from the previous quarter, and 23 percent behind the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Empire State reported 4,509 properties with foreclosure filings in March, an 11 percent increase from the previous month and 11 percent below its March 2008 total.

 

“Although New York foreclosures increased in the first quarter, the numbers are down from last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that while unemployment has been on the rise during the past year, it is still below the national average. This is likely helping to drive the yearly activity downward.”

New York documented the 15th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 721 housing units received a foreclosure filing during the quarter — came in 37th among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five New York counties accounted for 59 percent of the state’s overall foreclosure activity during the first quarter. Suffolk County came in first place, reporting 1,773 properties with foreclosure filings. Queens County was second, reporting 1,748 properties with foreclosure filings for the quarter. Kings County was close behind in third, reporting 1,150 properties with foreclosure filings. Nassau County registered the fourth highest total, documenting 939 properties with foreclosure filings. Erie County registered the fifth highest total, where 838 properties with foreclosure filings were reported.

 

Suffolk County scores highest rates in the state for first quarter

Suffolk County led the state, with one in every 307 housing units receiving a foreclosure filing — 2.4 times the state average. Orange County came in second, with one in every 337 housing units receiving a foreclosure filing — 2.1 times the state average. Putnam County posted the third highest foreclosure rate, where one in every 344 housing units received a foreclosure filing during the month — 2.1 times the state average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

New York accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

New York

0

7,647

15

2,296

1,059

11,017

721

31.69%

-23.37%

 

 

 

 

 

 

 

 

 

 

Albany

0

110

2

9

19

140

953

0.72%

-54.10%

Allegany

0

0

0

1

1

2

12,432

100.00%

-83.33%

Bronx

0

466

1

89

24

580

877

106.41%

-16.18%

Broome

0

0

0

46

30

76

1,169

-36.13%

2.70%

Cattaraugus

0

1

0

1

0

2

20,226

-60.00%

-90.91%

Cayuga

0

0

0

19

8

27

1,330

145.45%

-22.86%

Chautauqua

0

0

1

0

3

4

16,432

-71.43%

-81.82%

Chemung

0

0

0

16

2

18

2,113

20.00%

63.64%

Chenango

0

0

0

1

2

3

8,074

0.00%

-50.00%

Clinton

0

0

0

14

0

14

2,464

-54.84%

55.56%

Columbia

0

0

0

9

2

11

2,899

10.00%

57.14%

Cortland

0

18

0

0

6

24

845

71.43%

71.43%

Delaware

0

0

0

1

4

5

5,911

66.67%

25.00%

Dutchess

0

0

1

155

50

206

544

19.77%

96.19%

Erie

0

497

0

261

80

838

505

1.95%

80.99%

Essex

0

0

0

6

0

6

4,053

-45.45%

100.00%

Franklin

0

0

0

5

0

5

4,895

25.00%

-28.57%

Fulton

0

0

0

2

2

4

7,013

-33.33%

-81.82%

Genesee

0

0

0

16

5

21

1,165

-40.00%

-41.67%

Greene

0

0

0

12

1

13

2,167

-13.33%

225.00%

Hamilton

0

0

0

0

0

0

-100.00%

-100.00%

Herkimer

0

0

2

1

3

6

5,424

50.00%

100.00%

Jefferson

0

0

0

1

2

3

19,097

-66.67%

0.00%

Kings

0

1,061

0

43

46

1,150

834

73.72%

-39.95%

Lewis

0

0

0

0

0

0

-100.00%

-100.00%

Livingston

0

37

0

0

15

52

481

40.54%

477.78%

Madison

0

0

0

0

3

3

9,836

0.00%

-66.67%

Monroe

0

509

0

27

142

678

463

26.02%

-20.79%

Montgomery

0

0

0

7

5

12

1,878

-45.45%

-42.86%

Nassau

0

842

0

51

46

939

488

44.02%

-25.71%

New York

0

221

0

16

5

242

3,489

29.41%

7.08%

Niagara

0

15

0

6

14

35

2,798

-79.04%

-83.64%

Oneida

0

0

0

3

6

9

11,498

-43.75%

-57.14%

Onondaga

0

0

1

137

16

154

1,313

43.93%

-23.76%

Ontario

0

10

0

1

38

49

925

-25.76%

206.25%

Orange

0

222

0

166

10

398

337

-27.24%

79.28%

Orleans

0

0

0

2

4

6

2,917

-62.50%

-85.00%

Oswego

0

0

0

0

2

2

26,930

-88.24%

-98.04%

Otsego

0

0

0

0

0

0

-100.00%

-100.00%

Putnam

0

61

1

39

5

106

344

10.42%

-32.48%

Queens

0

1,256

0

330

162

1,748

478

7.64%

-35.36%

Rensselaer

0

0

0

51

11

62

1,113

-13.89%

0.00%

Richmond

0

329

1

150

20

500

356

51.06%

-32.16%

Rockland

0

104

0

5

27

136

725

17.24%

-55.84%

Saint Lawrence

0

0

0

0

3

3

16,877

-50.00%

-70.00%

Saratoga

0

0

0

29

2

31

3,051

-16.22%

-77.37%

Schenectady

0

4

0

46

2

52

1,271

-5.45%

-48.51%

Schoharie

0

0

0

1

1

2

8,259

-33.33%

-33.33%

Schuyler

0

0

0

1

1

2

4,690

-60.00%

-33.33%

Seneca

0

0

0

0

3

3

4,941

-25.00%

-40.00%

Steuben

0

0

0

1

11

12

3,902

-7.69%

-33.33%

Suffolk

0

1,551

0

205

17

1,773

307

217.74%

-15.09%

Sullivan

0

1

1

8

12

22

2,202

-50.00%

-60.71%

Tioga

0

0

0

1

5

6

3,618

-25.00%

20.00%

Tompkins

0

0

0

1

1

2

20,302

0.00%

-80.00%

Ulster

0

1

0

66

6

73

1,116

52.08%

-34.82%

Warren

0

0

0

14

1

15

2,503

-11.76%

-21.05%

Washington

0

0

0

4

4

8

3,550

-69.23%

-61.90%

Wayne

0

30

1

1

36

68

588

15.25%

1.49%

Westchester

0

300

3

206

120

629

570

43.61%

-16.80%

Wyoming

0

0

0

11

7

18

959

20.00%

157.14%

Yates

0

1

0

2

6

9

1,384

-60.87%

200.00%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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