New York Foreclosure Activity Slows Down in July

Statewide foreclosure filings down 21 percent from June

 

Foreclosure activity in New York decreased 21 percent in July to 3,513 properties with foreclosure filings, 41 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

New York foreclosures were down in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest drop was in bank-owned properties, which fell 43 percent for the month. The state’s unemployment rate has been inching its way down in recent months and is now more than 1 percent below the national average. This has definitely contributed to the decline.”

 

New York ranked 25th in the country in total foreclosures reported for the month. With one in every 2,271 housing units receiving a foreclosure filing, its foreclosure rate ranked 45th among the 50 states.

 

Putnam County posts top county foreclosure rate in July

Putnam County posted the top foreclosure rate in New York for the month, with one in every 537 housing units receiving a foreclosure filing in July. Rockland County posted the second highest foreclosure rate, with one in every 776 housing units receiving a foreclosure filing during the month. Coming in third was Suffolk County, where one in every 918 housing units received a foreclosure filing in July.

 

Suffolk County dominates state with top foreclosure total for July

Suffolk County led New York in total foreclosure activity, reporting 594 properties with foreclosure filings in July. Second highest Kings County reported 554 properties with foreclosure filings. Nassau County came in third highest, tallying 410 properties with foreclosure filings. Fourth highest was Queens County, where 387 properties with foreclosure filings were reported. Westchester County was fifth, reporting 256 properties with foreclosure filings for the month.

 

State contributes 1 percent to nation’s monthly foreclosure total

New York accounted for 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

New York

0

2,265

0

851

397

3,513

2,271

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Putnam

0

49

0

12

7

68

537

0.74

4.23

Rockland

0

114

0

0

14

128

776

0.51

2.93

Suffolk

0

414

0

74

106

594

918

0.43

2.47

Richmond

0

121

0

49

24

194

924

0.43

2.46

Nassau

0

394

0

5

11

410

1,118

0.36

2.03

 

 

New York Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

New York

0

2,265

0

851

397

3,513

2,271

-20.97

-41.00

 

 

 

 

 

 

 

 

 

 

Suffolk

0

414

0

74

106

594

918

-14.78

-28.26

Kings

0

511

0

26

17

554

1,747

-19.59

-22.63

Nassau

0

394

0

5

11

410

1,118

-22.64

-48.10

Queens

0

227

0

145

15

387

2,173

-4.21

-58.79

Westchester

0

177

0

62

17

256

1,412

-29.09

-23.12

 

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