NEW YORK FORECLOSURE ACTIVITY INCREASES 45 PERCENT IN OCTOBER

Activity Level Up 51 Percent From October 2006

 

IRVINE, Calif. – Nov. 26, 2007 – New York reported 6,519 foreclosure filings, the ninth highest total in the nation for October. Total filings in the state represent a 45 percent increase from the previous month and a 51 percent increase from October 2006, 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.

 

New York saw a substantial increase in mortgage delinquencies and banked-owned properties in October from the month before,” said James J. Saccacio, chief executive officer of RealtyTrac. “The number of homes sold as well as the median sales prices have been declining in many counties around the state, contributing to this growth in foreclosure activity as distressed homeowners find it harder to sell their way out of foreclosure.”

 

The state’s foreclosure rate of one foreclosure filing for every 1,205 households ranked it 25th among the 50 states for the month.

 

Total foreclosure filings in the Empire State were well behind national leader California with 50,401 foreclosure filings for October. New York also lagged behind second ranked Florida with 30,190 foreclosure filings. Ohio ranked third with 17,276 foreclosure filings for the month. Michigan reported the nation’s fourth highest foreclosure total with 13,415 foreclosure filings. Texas reported the nation’s fifth highest foreclosure total with 12,288 foreclosure filings in October. The remaining states in the nation’s top 10 for foreclosure activity for the month included Georgia, Illinois, Nevada and Arizona.

 

Queens County reports most foreclosure filings for the month

Queens County reported the highest foreclosure total in New York for October with 1,514 foreclosure filings. Kings County tallied the second highest foreclosure total, reporting 1,277 foreclosure filings for the month. Suffolk County came in third with a total 677 filings entering some stage of the foreclosure pipeline.

 

Putnam County posts highest foreclosure rate in the state

Putnam County reported the highest foreclosure rate in New York for October, one foreclosure filing for every 371 households — 3.3 times the state average and 1.5 times the national average. Genesee County documented the second highest rate, one foreclosure filing for every 461 households — 2.6 times the state average and 1.2 times the national average. Queens County posted the third highest rate, one foreclosure filing for every 549 households — 2.2 times the state average and on par with the national average.

 

State make major contribution to nation’s monthly total

Total foreclosure filings in New York accounted for 3 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month, and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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 – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,598

22,485

48,356

53,609

224,452

555

n/a

n/a

New York

0

9

666

4,885

959

6,519

1,205

0.46

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

0

8

1

10

19

6,985

0.08

0.17

Allegany

0

0

1

0

5

6

4,143

0.13

0.29

Bronx

0

0

41

273

13

327

1,536

0.36

0.78

Broome

0

1

22

1

10

34

2,615

0.21

0.46

Cattaraugus

0

1

0

0

7

8

5,034

0.11

0.24

Cayuga

0

0

0

0

12

12

2,991

0.19

0.40

Chautauqua

0

0

3

2

15

20

3,276

0.17

0.37

Chemung

0

0

1

0

15

16

2,377

0.23

0.51

Chenango

0

0

0

0

2

2

12,055

0.05

0.10

Clinton

0

0

1

1

2

4

8,531

0.07

0.14

Columbia

0

0

3

0

5

8

3,922

0.14

0.31

Cortland

0

0

0

1

9

10

2,029

0.27

0.59

Delaware

0

0

0

0

2

2

14,728

0.04

0.08

Dutchess

0

0

43

19

21

83

1,334

0.42

0.90

Erie

0

1

123

2

275

401

1,052

0.53

1.14

Essex

0

0

0

2

1

3

8,018

0.07

0.15

Franklin

0

0

0

0

0

0

n/a

0.00

0.00

Fulton

0

0

1

0

7

8

3,499

0.16

0.34

Genesee

0

0

7

35

11

53

461

1.20

2.61

Greene

0

0

1

0

1

2

13,823

0.04

0.09

Hamilton

0

0

0

0

0

0

n/a

0.00

0.00

Herkimer

0

0

2

0

6

8

4,046

0.14

0.30

Jefferson

0

0

1

0

3

4

13,657

0.04

0.09

Kings

0

0

46

1,201

30

1,277

742

0.75

1.62

Lewis

0

0

2

0

0

2

7,949

0.07

0.15

Livingston

0

0

0

1

1

2

12,412

0.04

0.10

Madison

0

0

0

0

0

0

n/a

0.00

0.00

Monroe

0

1

16

197

73

287

1,087

0.51

1.11

Montgomery

0

0

1

0

0

1

22,565

0.02

0.05

Nassau

0

0

36

349

83

468

979

0.57

1.23

New York

0

0

3

94

0

97

8,452

0.07

0.14

Niagara

0

2

5

67

11

85

1,146

0.48

1.05

Oneida

0

0

1

3

4

8

12,897

0.04

0.09

Onondaga

0

0

35

1

25

61

3,291

0.17

0.37

Ontario

0

0

1

0

11

12

3,726

0.15

0.32

Orange

0

0

17

35

11

63

2,086

0.27

0.58

Orleans

0

0

3

4

2

9

1,946

0.29

0.62

Oswego

0

0

1

1

9

11

4,885

0.11

0.25

Otsego

0

0

0

0

1

1

30,425

0.02

0.04

Putnam

0

0

20

69

9

98

371

1.49

3.25

Queens

0

1

23

1,436

54

1,514

549

1.01

2.19

Rensselaer

0

0

17

0

5

22

3,089

0.18

0.39

Richmond

0

0

10

196

12

218

798

0.70

1.51

Rockland

0

0

17

111

3

131

738

0.75

1.63

Saint Lawrence

0

1

1

0

3

5

10,096

0.05

0.12

Saratoga

0

0

10

0

9

19

4,871

0.11

0.25

Schenectady

0

0

3

8

21

32

2,056

0.27

0.59

Schoharie

0

0

1

0

0

1

16,281

0.03

0.07

Schuyler

0

0

0

0

0

0

n/a

0.00

0.00

Seneca

0

0

0

0

4

4

3,710

0.15

0.32

Steuben

0

0

0

0

20

20

2,339

0.24

0.51

Suffolk

0

0

30

609

38

677

796

0.70

1.51

Sullivan

0

0

8

0

5

13

3,615

0.15

0.33

Tioga

0

0

1

1

7

9

2,408

0.23

0.50

Tompkins

0

0

0

0

2

2

20,082

0.03

0.06

Ulster

0

0

24

1

23

48

1,677

0.33

0.72

Warren

0

0

4

1

5

10

3,671

0.15

0.33

Washington

0

1

0

0

15

16

1,731

0.32

0.70

Wayne

0

0

14

0

1

15

2,647

0.21

0.46

Westchester

0

0

51

161

23

235

1,512

0.37

0.80

Wyoming

0

0

6

2

5

13

1,324

0.42

0.91

Yates

0

0

1

0

2

3

4,115

0.13

0.29

 

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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