New York Foreclosure Activity Rises in April

Statewide foreclosure filings up 4 percent from March

 

Monthly foreclosure activity in New York rose in April, up 4 percent from the previous month to 4,390 properties with foreclosure filings. This latest state total still represents a 21 percent year-over-year decrease in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in New York ticked up again between March and April to a level well above what was reported for one year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to this problem, New York was one of the worst affected states in the nation in terms of mass layoffs during the first quarter of 2010, reporting more than 14,000 pink slips issued.”

 

The state had the 42nd highest state foreclosure rate in the nation with one in 1,817 New York housing units receiving a foreclosure filing during the month.

 

Suffolk County posts top foreclosure rate for April

Suffolk County posted the highest county foreclosure rate in New York for April, with one in every 571 housing units receiving a foreclosure filing — 3.2 times the state average. Richmond County had the second highest foreclosure rate, with one in every 800 housing units receiving a foreclosure filing — 2.3 times the state average. Putnam County was third, with one in every 811 housing units receiving a foreclosure filing — 2.2 times the state average.

 

Suffolk County led the state in total foreclosures for April

Suffolk County also led the way in total foreclosures, reporting 955 properties with foreclosure filings for the month. Queens County had the second highest foreclosure total, documenting 540 properties with foreclosure filings. Reporting 528 properties with foreclosure filings for the month, Kings County ranked third highest. Nassau County was fourth, reporting 459 properties with foreclosure filings. A total of 268 properties with foreclosure filings were reported in Westchester County, the fifth highest county total in April.

 

State a modest contributor to nation’s month foreclosure total

New York accounted for 1 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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: 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 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

New York

0

3,030

0

947

413

4,390

1,817

0.21

n/a

 

 

 

 

 

 

 

 

 

 

Suffolk

0

834

0

101

20

955

571

0.68

3.18

Richmond

0

139

0

75

10

224

800

0.48

2.27

Putnam

0

32

0

9

4

45

811

0.48

2.24

Orange

0

109

0

34

19

162

833

0.46

2.18

Rockland

0

94

0

0

21

115

864

0.45

2.10

 

 

New York Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 10

% Chg Apr 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

New York

0

3,030

0

947

413

4,390

1,817

4.15

-21.48

 

 

 

 

 

 

 

 

 

 

Suffolk

0

834

0

101

20

955

571

13.83

19.08

Queens

0

390

0

95

55

540

1,557

-2.17

-34.07

Kings

0

483

0

25

20

528

1,833

5.60

-15.38

Nassau

0

446

0

6

7

459

998

3.85

-28.50

Westchester

0

198

0

61

9

268

1,349

44.09

-39.64

 

 

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