NEW YORK FORECLOSURE ACTIVITY UP 13 PERCENT IN OCTOBER

Foreclosure Filings Statewide Decrease 42 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 3,761 New York properties in October, an increase of 13 percent from the previous month, and 42 percent below the level reported for October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure filings crept up in New York between September and October, though the state saw a significant decrease in activity compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The financial turmoil on Wall Street and the financial sector has had a significant impact on the Empire State’s workforce, as jobs are now being cut on a regular basis.”

 

New York ranked 17th in the country in total properties with foreclosure filings for October. One in every 2,102 New York housing units received a foreclosure filing during the month, ranking 37th among the 50 states.

 

Queens County tops in foreclosure activity for October

Queens County led the state reporting 712 properties with foreclosure filings for the month. Erie County came in second highest, reporting 432 properties with foreclosure filings. Nassau County ranked third highest, reporting 306 properties with foreclosure filings. Kings County came in fourth place, documenting 290 properties with foreclosure filings.

 

Orange County post state’s top foreclosure rate for October

Orange County tallied the highest county foreclosure rate in New York for October, with one in every 787 housing units receiving a foreclosure filing during the month — 2.7 times the state average. Erie County documented the second highest foreclosure rate, where one in every 978 housing units received a foreclosure filing — 2.2 times the state average. Putnam County registered the third highest foreclosure rate, where one in every 985 housing units received a foreclosure filing during the month — 2.1 times the state average.

 

State a minor contributor to nation’s foreclosure total in October

New York accounted for 1 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented a increase of more than 5 percent from the previous month and was still almost 25 percent ahead of the total reported for October 2007. One in every 452 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

New York

0

1,718

0

908

1,135

3,761

2,102

0.21

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

25

0

9

27

61

2,184

0.21

0.96

Allegany

0

0

0

0

1

1

24,879

0.02

0.08

Bronx

0

69

0

30

33

132

3,836

0.12

0.55

Broome

0

25

0

13

14

52

1,709

0.26

1.23

Cattaraugus

0

1

0

0

1

2

20,179

0.02

0.10

Cayuga

0

0

0

5

0

5

7,182

0.06

0.29

Chautauqua

0

1

0

0

0

1

65,743

0.01

0.03

Chemung

0

0

0

9

2

11

3,458

0.13

0.61

Chenango

0

0

0

0

1

1

24,166

0.02

0.09

Clinton

0

0

0

8

4

12

2,863

0.16

0.73

Columbia

0

0

0

4

0

4

7,907

0.06

0.27

Cortland

0

6

0

0

3

9

2,254

0.20

0.93

Delaware

0

0

0

1

1

2

14,766

0.03

0.14

Dutchess

0

10

0

48

12

70

1,593

0.28

1.32

Erie

0

159

0

163

110

432

978

0.46

2.15

Essex

0

0

0

5

1

6

4,045

0.11

0.52

Franklin

0

0

0

0

1

1

24,397

0.02

0.09

Fulton

0

0

0

2

1

3

9,339

0.05

0.23

Genesee

0

2

0

5

0

7

3,493

0.13

0.60

Greene

0

0

0

3

2

5

5,588

0.08

0.38

Hamilton

0

0

0

0

0

0

 n/a

0.00

0.00

Herkimer

0

1

0

1

0

2

16,219

0.03

0.13

Jefferson

0

0

0

1

1

2

27,436

0.02

0.08

Kings

0

209

0

24

57

290

3,291

0.14

0.64

Lewis

0

0

0

0

0

0

 n/a

0.00

0.00

Livingston

0

8

0

0

5

13

1,920

0.24

1.10

Madison

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

0

128

0

11

105

244

1,283

0.35

1.64

Montgomery

0

0

0

6

1

7

3,223

0.14

0.65

Nassau

0

159

0

20

127

306

1,498

0.30

1.40

New York

0

51

0

15

5

71

11,837

0.04

0.18

Niagara

0

47

0

0

35

82

1,191

0.38

1.77

Oneida

0

1

0

0

5

6

17,222

0.03

0.12

Onondaga

0

1

0

40

17

58

3,473

0.13

0.61

Ontario

0

24

0

3

11

38

1,185

0.38

1.77

Orange

0

117

0

42

10

169

787

0.57

2.67

Orleans

0

2

0

5

1

8

2,189

0.21

0.96

Oswego

0

0

0

1

5

6

8,967

0.05

0.23

Otsego

0

0

0

0

1

1

30,489

0.01

0.07

Putnam

0

14

0

16

7

37

985

0.46

2.13

Queens

0

257

0

135

320

712

1,169

0.39

1.80

Rensselaer

0

0

0

13

16

29

2,368

0.19

0.89

Richmond

0

60

0

68

23

151

1,175

0.38

1.79

Rockland

0

28

0

4

21

53

1,831

0.25

1.15

Saint Lawrence

0

0

0

1

0

1

50,561

0.01

0.04

Saratoga

0

1

0

10

3

14

6,696

0.07

0.31

Schenectady

0

0

0

22

1

23

2,870

0.16

0.73

Schoharie

0

0

0

0

2

2

8,188

0.06

0.26

Schuyler

0

0

0

0

0

0

 n/a

0.00

0.00

Seneca

0

0

0

0

0

0

 n/a

0.00

0.00

Steuben

0

1

0

1

4

6

7,802

0.06

0.27

Suffolk

0

227

0

18

49

294

1,847

0.24

1.14

Sullivan

0

2

0

19

3

24

1,993

0.23

1.05

Tioga

0

1

0

1

0

2

10,838

0.04

0.19

Tompkins

0

0

0

1

0

1

40,405

0.01

0.05

Ulster

0

2

0

7

6

15

5,411

0.08

0.39

Warren

0

0

0

5

2

7

5,308

0.09

0.40

Washington

0

0

0

7

2

9

3,139

0.14

0.67

Wayne

0

6

0

0

25

31

1,287

0.35

1.63

Westchester

0

68

0

101

48

217

1,639

0.28

1.28

Wyoming

0

1

0

3

1

5

3,452

0.13

0.61

Yates

0

4

0

2

2

8

1,554

0.29

1.35

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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