New York Foreclosure Activity Up 1 Percent in 2009

Activity up 30 percent from 2007 and 14 percent from November

 

New York ended 2009 tallying 50,369 properties with foreclosure filings, a 1 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 30 percent higher than the level reported for all of 2007.

 

New York reported 4,998 properties with foreclosure filings, a 14 percent increase over the previous month, and up 77 percent from December 2008. The state’s foreclosure rate — one in every 1,589 housing units received a foreclosure filing — was 41st highest in the nation for the month.

 

“New York foreclosures rose slightly in December, bringing annual activity to a level above what was reported for 2008 and 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s record high level of unemployment across several months in 2009 was an obvious contributor to its growing number of foreclosure filings over the year.”

 

With one in every 158 housing units receiving a foreclosure filing, New York’s foreclosure rate ranked 38th highest in the nation for the year.

 

Orange County posts state’s highest foreclosure rate for 2009

Orange County posted the highest county foreclosure rate in New York for the year, with one in every 72 housing units receiving a foreclosure filing in 2009. Suffolk County followed in a close second, also reporting one in every 72 housing units receiving a foreclosure filing. Putnam County came in third highest, also reporting one in every 72 housing units receiving a foreclosure filing. Richmond County was fourth highest with one in every 76 housing units receiving a foreclosure filing. Nassau County had the fifth highest rate, where one in every 76 housing units receiving a foreclosure filing.

 

Queens County led state in foreclosure activity in 2009

Leading the way was Queens County, which reported a total 8,248 properties with foreclosure filings for the year. Suffolk County came in second, documenting 7,582 properties with foreclosure filings. Nassau County had the third highest total in the state, reporting 6,064 properties with foreclosure filings for the year. Kings County was fourth highest, reporting 5,929 properties with foreclosure filings, followed by Westchester County in fifth place, tallying 3,108 properties with foreclosure filings for all of 2009.

 

State a moderate contributor to nation’s foreclosure total in 2009

New York accounted for 2 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

New York

50,369

0.63

158

0.67

30.19

 

 

 

 

 

 

Orange

1,872

1.40

72

9.09

410.08

Suffolk

7,582

1.39

72

28.84

25.86

Putnam

508

1.39

72

9.72

17.05

Richmond

2,355

1.32

76

4.39

41.70

Nassau

6,064

1.32

76

47.94

66.82

 

 

New York Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

New York

50,369

0.63

158

0.67

30.19

 

 

 

 

 

 

Queens

8,248

0.99

101

-6.24

19.26

Suffolk

7,582

1.39

72

28.84

25.86

Nassau

6,064

1.32

76

47.94

66.82

Kings

5,929

0.62

162

7.35

-0.12

Westchester

3,108

0.87

115

21.50

79.97

 

 

New York Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

New York

0

3,628

0

861

509

4,998

1,589

0.23

n/a

 

 

 

 

 

 

 

 

 

 

Orange

0

373

0

64

11

448

299

1.22

5.31

Putnam

0

47

0

26

1

74

493

0.74

3.22

Richmond

0

207

0

44

19

270

659

0.56

2.41

Rockland

0

132

0

1

10

143

689

0.53

2.30

Nassau

0

578

0

7

10

595

771

0.47

2.06

 

 

New York Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

New York

0

3,628

0

861

509

4,998

1,589

13.57

76.86

 

 

 

 

 

 

 

 

 

 

Kings

0

673

0

67

17

757

176

1.07

150.66

Queens

0

552

0

17

60

629

40

16.48

20.96

Nassau

0

578

0

7

10

595

855

13.98

190.24

Suffolk

0

338

0

103

81

522

170

-7.94

236.77

Orange

0

373

0

64

11

448

90

74.32

439.76

 

 

 

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