NEW YORK FORECLOSURE ACTIVITY UP 2 PERCENT IN JUNE

IRVINE, Calif. – July 28, 2008 – New York reported 5,367 properties with foreclosure filings in June, a 2 percent increase from the previous month, and 22 percent above the level reported for June 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 first time since last November that New York has broken into the top 10 states in total foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment up and home price appreciation slowing to a trickle, it’s not surprise that foreclosure filings are growing in counties where subprime lending proliferated like Queens and Suffolk counties.”

 

New York ranked 10th in the country in total foreclosures reported for the month. With one in every 1,473 households receiving a foreclosure filing, New Yorks foreclosure rate ranked 32nd among the 50 states.

 

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

Five New York counties accounted for 58 percent of all foreclosure activity in the state for June. Queens County led the way, reporting 944 properties with foreclosure filings. Suffolk County came in second, documenting 780 properties with foreclosure filings. Kings County registered the third highest foreclosure total, reporting 654 properties with foreclosure filings. Fourth highest foreclosure total was documented in Nassau County, where 431 properties with foreclosure filings were reported. Westchester County came in fifth, reporting 330 properties with foreclosure filings.

 

Dutchess County posts top foreclosure rate in June

Dutchess County tallied the highest county foreclosure rate in New York for June, with one in every 539 households receiving a foreclosure filing for the month — 2.7 times the state average. Wayne County posted the state’s second highest foreclosure rate, with one in every 614 households receiving a foreclosure filing during the month — 2.4 times the state average. Third highest foreclosure rate in the state was reported in Livingston County, where one in every 640 households received a foreclosure filing in June — 2.3 times the state average.

 

State a significant contributor to nation’s total in June

New York accounted for 2 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 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 – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

New York

0

3,751

7

752

857

5,367

1,473

0.34

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

72

0

28

102

202

660

0.76

2.23

Allegany

0

0

0

0

2

2

12,440

0.04

0.12

Bronx

0

192

0

34

14

240

2,110

0.24

0.70

Broome

0

54

0

14

14

82

1,084

0.46

1.36

Cattaraugus

0

0

0

0

9

9

4,484

0.11

0.33

Cayuga

0

0

0

5

1

6

5,985

0.08

0.25

Chautauqua

0

0

0

0

1

1

65,743

0.01

0.02

Chemung

0

0

0

1

2

3

12,678

0.04

0.12

Chenango

0

0

0

0

4

4

6,042

0.08

0.24

Clinton

0

0

0

0

13

13

2,643

0.19

0.56

Columbia

0

0

0

0

0

0

 n/a

0.00

0.00

Cortland

0

0

0

0

5

5

4,056

0.12

0.36

Delaware

0

0

0

0

0

0

  n/a

0.00

0.00

Dutchess

0

128

0

62

17

207

539

0.93

2.74

Erie

0

0

1

32

36

69

6,123

0.08

0.24

Essex

0

0

0

0

2

2

12,134

0.04

0.12

Franklin

0

0

0

0

1

1

24,397

0.02

0.06

Fulton

0

0

0

1

4

5

5,604

0.09

0.26

Genesee

0

25

1

0

1

27

906

0.55

1.63

Greene

0

0

0

4

1

5

5,588

0.09

0.26

Hamilton

0

0

0

0

0

0

 n/a

0.00

0.00

Herkimer

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson

0

0

0

0

2

2

27,436

0.02

0.05

Kings

0

578

0

42

34

654

1,459

0.34

1.01

Lewis

0

0

0

0

0

0

  n/a

0.00

0.00

Livingston

0

34

0

1

4

39

640

0.78

2.30

Madison

0

0

0

0

0

0

  n/a

0.00

0.00

Monroe

0

199

0

5

53

257

1,218

0.41

1.21

Montgomery

0

0

0

6

3

9

2,507

0.20

0.59

Nassau

0

312

2

37

80

431

1,063

0.47

1.39

New York

0

68

0

6

0

74

11,357

0.04

0.13

Niagara

0

42

1

7

11

61

1,601

0.31

0.92

Oneida

0

0

0

1

2

3

34,445

0.01

0.04

Onondaga

0

0

0

49

7

56

3,597

0.14

0.41

Ontario

0

45

0

2

0

47

958

0.52

1.54

Orange

0

0

1

38

39

78

1,705

0.29

0.86

Orleans

0

19

1

0

0

20

876

0.57

1.68

Oswego

0

35

0

0

16

51

1,055

0.47

1.40

Otsego

0

0

0

0

4

4

7,622

0.07

0.19

Putnam

0

25

0

12

2

39

935

0.54

1.58

Queens

0

723

0

111

110

944

882

0.57

1.67

Rensselaer

0

0

0

15

6

21

3,270

0.15

0.45

Richmond

0

161

0

47

49

257

690

0.73

2.13

Rockland

0

39

0

13

12

64

1,516

0.33

0.97

Saint Lawrence

0

0

0

0

8

8

6,320

0.08

0.23

Saratoga

0

47

0

8

11

66

1,420

0.35

1.04

Schenectady

0

0

0

11

18

29

2,276

0.22

0.65

Schoharie

0

0

0

1

0

1

16,376

0.03

0.09

Schuyler

0

0

0

0

0

0

  n/a

0.00

0.00

Seneca

0

0

0

0

1

1

14,834

0.03

0.10

Steuben

0

0

0

0

2

2

23,405

0.02

0.06

Suffolk

0

673

0

37

70

780

696

0.72

2.12

Sullivan

0

0

0

16

14

30

1,595

0.31

0.92

Tioga

0

0

0

0

3

3

7,225

0.07

0.20

Tompkins

0

0

0

0

3

3

13,468

0.04

0.11

Ulster

0

0

0

13

21

34

2,387

0.21

0.62

Warren

0

0

0

4

4

8

4,645

0.11

0.32

Washington

0

0

0

2

10

12

2,354

0.21

0.63

Wayne

0

62

0

0

3

65

614

0.82

2.40

Westchester

0

218

0

87

25

330

1,077

0.46

1.37

Wyoming

0

0

0

0

1

1

17,259

0.03

0.09

Yates

0

0

0

0

0

0

  n/a

0.00

0.00

 

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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