New York Foreclosure Activity Rose in Second Quarter

Activity level rose 4 percent from Q1

Foreclosure filings decrease 20 percent mid-year; up 11 percent in June

 

New York reported 12,689 properties with foreclosure filings for the second quarter of 2010, a 4 percent rise from the first quarter, but still 7 percent below the level reported in the second quarter of 2009. 

 

Activity level in New York fell during the first half of 2010, but was up for the month of June. For the first six months of the year, New York reported 24,506 properties with foreclosure filings, a 20 percent fall in activity from the second half of 2009, but still 1 percent above the level reported mid-year 2009. In June the state tallied 4,445 properties with foreclosure filings, an increase of 11 percent from the previous month, but still down 8 percent from June 2009.

 

“Foreclosure activity in New York rose in the second quarter of 2010, though it remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With the state’s employment picture constantly improving, the number of foreclosures will likely continue to slow in the coming months. Things are already better than last year, with foreclosure activity falling significantly lower during the first half of 2010 than as compared to the previous six months.”

 

One in every 629 New York housing units received a foreclosure filing during the quarter, giving the state the 40th highest foreclosure rate in the nation.

 

Suffolk County posts state’s top foreclosure rate for the quarter

Suffolk County posted the highest county foreclosure rate in New York during the second quarter, with one in every 215 housing units receiving a foreclosure filing — 2.9 times the state average. Richmond County had the second highest foreclosure rate, with one in every 259 housing units receiving a foreclosure filing — 2.4 times the state average. Putnam County had the third highest foreclosure rate, with one in every 288 housing units receiving a foreclosure filing — 2.2 times the state average.

 

Suffolk County also leads state in total foreclosures for the second quarter

Suffolk County also led New York in total foreclosures, reporting 2,535 properties with foreclosure filings for the quarter. Kings County had the second highest foreclosure total, reporting 1,848 properties with foreclosure filings. Reporting 1,454 properties with foreclosure filings for the quarter, Nassau County came in third. Queens County was fourth, reporting 1,310 properties with foreclosure filings. Fifth highest total was Westchester County, where 837 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in New York represented 2 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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: 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

New York

0

8,140

0

2,486

2,063

12,689

629

0.23

n/a

 

 

 

 

 

 

 

 

 

 

Suffolk

0

1,716

0

263

556

2,535

215

0.67

2.92

Richmond

0

477

0

163

51

691

259

0.56

2.42

Putnam

0

89

0

24

14

127

288

0.50

2.19

Nassau

0

1,362

0

11

81

1,454

315

0.46

1.99

Rockland

0

200

0

0

42

242

410

0.35

1.53

 

 

New York Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

New York

0

8,140

0

2,486

2,063

12,689

629

4.44

-7.14

 

 

 

 

 

 

 

 

 

 

Suffolk

0

1,716

0

263

556

2,535

215

30.20

45.86

Kings

0

1,676

0

111

61

1,848

524

6.39

17.04

Nassau

0

1,362

0

11

81

1,454

315

9.74

-20.63

Queens

0

886

0

293

131

1,310

642

-22.67

-37.38

Westchester

0

594

0

161

82

837

432

7.03

-7.92

 

 

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