NEW YORK FORECLOSURE ACTIVITY UP 15 PERCENT IN JULY

Statewide Foreclosure Filings Up 44 Percent From July 2007

 

IRVINE, Calif. – Aug. 29, 2008 – New York reported 6,167 properties with foreclosure filings in July, a 15 percent increase from the previous month, and 44 percent above the level reported for July 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 million properties from nearly 2,500 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.

 

“This is the second straight monthly increase in foreclosure activity for New York, keeping the state in the nation’s top 10 for two months in a row now,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even though the state’s jobless rate declined to 5.2 percent from 5.3 percent, home sales levels and median prices are behind last year. These factors are contributing to the rise in statewide foreclosures now being reported.”

 

New York ranked 10th in the country in total foreclosures reported for the month. With one in every 1,282 households receiving a foreclosure filing, New Yorks foreclosure rate ranked 30th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five New York counties accounted for 53 percent of all foreclosure activity in the state for July. Queens County tallied the highest foreclosure total, reporting 929 properties with foreclosure filings. Suffolk County came in second, documenting 685 properties with foreclosure filings. Kings County followed closely in third place, reporting 622 properties with foreclosure filings. Fourth highest foreclosure total was documented in Orange County, where 530 properties with foreclosure filings were reported. Nassau County came in fifth, reporting 479 properties with foreclosure filings.

 

Orange County posts top foreclosure rate in July

Orange County tallied the highest county foreclosure rate in New York for July, with one in every 251 households receiving a foreclosure filing for the month — 5.1 times the state average and 1.9 times the national average. Dutchess County posted the state’s second highest foreclosure rate, with one in every 519 households receiving a foreclosure filing during the month — 2.5 times the state average. Third highest foreclosure rate was reported in Rockland County, where one in every 599 households received a foreclosure filing in July — 2.1 times the state average.

 

State a minor contributor to nation’s total for July

New York accounted for 2 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 U.S. households 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 – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

New York

0

4,105

15

1,131

916

6,167

1,282

0.36

n/a

 

 

 

 

 

 

 

 

 

Albany

0

85

0

33

13

131

1,017

0.46

1.26

Allegany

0

0

0

0

4

4

6,220

0.07

0.21

Bronx

0

229

1

37

20

287

1,764

0.26

0.73

Broome

0

48

0

12

17

77

1,154

0.40

1.11

Cattaraugus

0

0

1

0

7

8

5,045

0.09

0.25

Cayuga

0

0

0

1

7

8

4,489

0.10

0.29

Chautauqua

0

0

1

0

11

12

5,479

0.08

0.23

Chemung

0

0

0

0

4

4

9,508

0.05

0.13

Chenango

0

0

0

0

0

0

n/a

0.00

0.00

Clinton

0

0

0

0

7

7

4,908

0.09

0.26

Columbia

0

0

0

6

1

7

4,518

0.10

0.28

Cortland

0

0

0

0

2

2

10,141

0.05

0.13

Delaware

0

0

0

1

4

5

5,906

0.08

0.22

Dutchess

0

142

0

43

30

215

519

0.90

2.47

Erie

0

198

0

138

47

383

1,103

0.42

1.16

Essex

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

0

0

0

0

1

1

24,397

0.02

0.05

Fulton

0

0

0

4

1

5

5,604

0.08

0.23

Genesee

0

3

0

0

8

11

2,223

0.21

0.58

Greene

0

1

0

1

1

3

9,313

0.05

0.14

Hamilton

0

0

0

0

0

0

n/a

0.00

0.00

Herkimer

0

0

0

0

3

3

10,812

0.04

0.12

Jefferson

0

0

0

0

5

5

10,974

0.04

0.12

Kings

0

526

1

62

33

622

1,534

0.30

0.84

Lewis

0

0

0

0

0

0

n/a

0.00

0.00

Livingston

0

6

0

1

7

14

1,783

0.26

0.72

Madison

0

0

0

0

2

2

14,688

0.03

0.09

Monroe

0

158

0

10

75

243

1,288

0.36

1.00

Montgomery

0

0

1

6

7

14

1,611

0.29

0.80

Nassau

0

361

0

49

69

479

957

0.49

1.34

New York

0

47

0

12

5

64

13,132

0.04

0.10

Niagara

0

49

0

28

41

118

828

0.56

1.55

Oneida

0

0

1

1

2

4

25,834

0.02

0.05

Onondaga

0

0

0

64

24

88

2,289

0.20

0.56

Ontario

0

0

0

0

12

12

3,752

0.12

0.34

Orange

0

423

0

60

47

530

251

1.85

5.11

Orleans

0

3

0

10

3

16

1,094

0.42

1.17

Oswego

0

31

1

1

8

41

1,312

0.35

0.98

Otsego

0

0

0

0

0

0

n/a

0.00

0.00

Putnam

0

17

1

11

11

40

911

0.51

1.41

Queens

0

686

0

134

109

929

896

0.52

1.43

Rensselaer

0

1

0

29

5

35

1,962

0.24

0.65

Richmond

0

181

1

76

32

290

612

0.76

2.10

Rockland

0

122

2

29

9

162

599

0.77

2.14

Saint Lawrence

0

0

0

0

7

7

7,223

0.06

0.18

Saratoga

0

10

0

25

12

47

1,995

0.23

0.64

Schenectady

0

1

0

25

51

77

857

0.54

1.50

Schoharie

0

0

0

0

0

0

n/a

0.00

0.00

Schuyler

0

0

0

2

1

3

3,117

0.15

0.41

Seneca

0

0

0

0

0

0

n/a

0.00

0.00

Steuben

0

0

0

0

1

1

46,810

0.01

0.03

Suffolk

0

544

1

59

81

685

793

0.59

1.62

Sullivan

0

2

0

10

1

13

3,680

0.13

0.35

Tioga

0

0

0

0

0

0

n/a

0.00

0.00

Tompkins

0

0

0

1

7

8

5,051

0.09

0.25

Ulster

0

1

1

39

15

56

1,449

0.32

0.88

Warren

0

0

0

2

4

6

6,193

0.07

0.21

Washington

0

0

0

2

5

7

4,036

0.11

0.32

Wayne

0

29

0

0

7

36

1,108

0.42

1.16

Westchester

0

201

2

106

27

336

1,058

0.44

1.21

Wyoming

0

0

0

1

2

3

5,753

0.08

0.22

Yates

0

0

0

0

1

1

12,435

0.04

0.10

 

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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