New York Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide down 14 percent from April

 

New York foreclosure activity fell in May to 4,825 properties with foreclosure filings, a 14 percent decrease from the previous month, and 9 percent below the level reported for May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  

 

New York foreclosures were down in May and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate actually fell slightly in April and is now more than 1 percent below the national average. This is likely a leading factor in the overall foreclosure decline.”

 

New York ranked 13th in the country in total foreclosures reported for the month. With one in every 1,646 housing units receiving a foreclosure filing, its foreclosure rate ranked 37th among the 50 states.

 

Five counties accounted for 60 percent of state’s foreclosure activity for May

Queens County led all counties, reporting 713 properties with foreclosure filings for the month. Nassau County posted the second highest total, where 635 properties with foreclosure filings were reported. Suffolk County had the third highest total, reporting 621 properties with foreclosure filings, followed by Kings County, where 595 properties with foreclosure filings were tallied. Erie County held the fifth highest total, where 318 properties with foreclosure filings were reported for the month.

 

Orange County posts state’s highest foreclosure rate for May

Orange County posted the highest county foreclosure rate in the state, with one in every 609 housing units receiving a foreclosure filing during the month. Nassau County had the second highest rate, with one in every 722 housing units receiving a foreclosure filing. Richmond County posted the third highest rate, where one in every 791 housing units received a foreclosure filing during the month.

 

State contributes 2 percent to nation’s foreclosure activity for May

Foreclosure activity in New York represented 2 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

New York

0

3,523

0

764

538

4,825

1,646

-13.70

-8.65

 

 

 

 

 

 

 

 

 

 

Albany

0

48

0

1

2

51

2,616

-28.17

-83.76

Allegany

0

0

0

0

0

0

 n/a

 n/a

-100.00

Bronx

0

226

0

36

20

282

1,803

8.46

46.88

Broome

0

19

0

22

21

62

1,433

-16.22

148.00

Cattaraugus

0

0

0

0

27

27

1,498

2600.00

440.00

Cayuga

0

0

0

9

1

10

3,590

66.67

400.00

Chautauqua

0

0

0

0

1

1

65,726

0.00

-85.71

Chemung

0

0

0

5

4

9

4,225

0.00

80.00

Chenango

0

0

0

0

0

0

 n/a

-100.00

 n/a

Clinton

0

0

0

5

1

6

5,748

-14.29

500.00

Columbia

0

0

0

0

0

0

 n/a

-100.00

-100.00

Cortland

0

21

0

0

2

23

882

1050.00

666.67

Delaware

0

0

0

0

1

1

29,556

0.00

 n/a

Dutchess

0

2

0

47

10

59

1,900

11.32

-61.69

Erie

0

172

0

92

54

318

1,330

-19.29

48.60

Essex

0

0

0

1

0

1

24,320

 n/a

 n/a

Franklin

0

0

0

1

1

2

12,237

0.00

 n/a

Fulton

0

0

0

0

1

1

28,051

-66.67

-75.00

Genesee

0

0

0

7

1

8

3,058

14.29

-69.23

Greene

0

1

0

0

0

1

28,175

-50.00

-95.00

Hamilton

0

0

0

0

0

0

 n/a

-100.00

 n/a

Herkimer

0

0

0

0

3

3

10,848

 n/a

200.00

Jefferson

0

0

0

0

1

1

57,290

 n/a

-50.00

Kings

0

552

0

29

14

595

1,612

-4.65

-14.27

Lewis

0

0

0

0

0

0

 n/a

 n/a

-100.00

Livingston

0

7

0

0

3

10

2,503

-58.33

42.86

Madison

0

0

0

0

0

0

 n/a

-100.00

 n/a

Monroe

0

148

0

70

58

276

1,137

-2.13

-26.40

Montgomery

0

0

0

4

4

8

2,817

100.00

 n/a

Nassau

0

567

0

5

63

635

722

-1.09

50.83

New York

0

58

0

11

1

70

12,062

2.94

-12.50

Niagara

0

19

0

1

6

26

3,767

18.18

-68.29

Oneida

0

0

0

0

1

1

103,484

-83.33

-85.71

Onondaga

0

0

0

32

1

33

6,127

-10.81

-35.29

Ontario

0

21

0

1

0

22

2,061

-47.62

83.33

Orange

0

140

0

72

8

220

609

-17.29

27.91

Orleans

0

0

0

2

2

4

4,375

300.00

-78.95

Oswego

0

0

0

0

3

3

17,953

-50.00

-83.33

Otsego

0

0

0

0

0

0

 n/a

-100.00

 n/a

Putnam

0

34

0

5

6

45

811

-18.18

-31.82

Queens

0

612

0

56

45

713

1,172

-12.94

-15.82

Rensselaer

0

0

0

15

0

15

4,599

-34.78

-55.88

Richmond

0

154

0

34

37

225

791

-4.66

-15.09

Rockland

0

69

0

0

13

82

1,202

-56.38

-11.83

Saint Lawrence

0

0

0

0

0

0

 n/a

-100.00

-100.00

Saratoga

0

0

0

13

1

14

6,756

-17.65

-89.15

Schenectady

0

1

0

22

1

24

2,755

20.00

-52.00

Schoharie

0

0

0

0

0

0

 n/a

-100.00

-100.00

Schuyler

0

0

0

2

0

2

4,690

-50.00

100.00

Seneca

0

0

0

0

0

0

 n/a

 n/a

-100.00

Steuben

0

0

0

0

0

0

 n/a

 n/a

-100.00

Suffolk

0

473

0

77

71

621

877

-22.57

36.78

Sullivan

0

1

0

0

5

6

8,074

0.00

-66.67

Tioga

0

0

0

1

0

1

21,707

 n/a

0.00

Tompkins

0

0

0

0

0

0

 n/a

 n/a

-100.00

Ulster

0

0

0

23

13

36

2,264

33.33

-2.70

Warren

0

0

0

3

0

3

12,515

-40.00

-25.00

Washington

0

0

0

5

1

6

4,733

-25.00

-62.50

Wayne

0

2

0

0

1

3

13,331

200.00

-40.00

Westchester

0

176

0

53

27

256

1,400

-42.34

8.02

Wyoming

0

0

0

2

2

4

4,316

33.33

-50.00

Yates

0

0

0

0

0

0

 n/a

-100.00

 n/a

 

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