NEW YORK FORECLOSURE ACTIVITY UP 24 PERCENT IN APRIL

Foreclosure Activity Level Down 1 Percent From April 2008

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 5,591 New York properties in April, a 24 percent increase from the previous month, and 1 percent below the level reported for April 2008, 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 activity in New York increased significantly in April, though it remained slightly below the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state has nearly doubled from last year, but remains below the national average.”

 

New York ranked 11th in the country in total properties with foreclosure filings for April. One in every 1,420 New York housing units received a foreclosure filing during the month, the 36th highest state foreclosure rate in the nation.

 

Queens County leads state in foreclosure activity in April

Queens County led the state, reporting 819 properties with foreclosure filings for the month. Suffolk County reported 802 properties with foreclosure filings, the state’s second highest county total. Nassau County came in third highest, reporting 642 properties with foreclosure filings. Kings County came in fourth, documenting 624 properties with foreclosure filings, while the fifth highest total was in Westchester County, where 444 properties with foreclosure filings were reported for the month.

 

Orange County post state’s top foreclosure rate in April

Orange County topped the list, with one in every 504 housing units receiving a foreclosure filing — 2.8 times the state average. Rockland County had the second highest foreclosure rate, with one in every 524 housing units receiving a foreclosure filing — 2.7 times the state average. Putnam County documented the third highest foreclosure rate, where one in every 663 housing units received a foreclosure filing during the month — 2.1 times the state average.

 

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

New York accounted for 2 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 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 – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

New York

0

4,256

0

872

463

5,591

1,420

24.00

-1.01

 

 

 

 

 

 

 

 

 

 

Albany

0

68

0

2

1

71

1,879

7.58

-4.05

Allegany

0

0

0

0

0

0

 n/a

-100.00

-100.00

Bronx

0

215

0

29

16

260

1,956

-23.53

4.84

Broome

0

45

0

22

7

74

1,201

184.62

428.57

Cattaraugus

0

0

0

1

0

1

40,451

-50.00

-98.67

Cayuga

0

0

0

3

3

6

5,984

-45.45

-45.45

Chautauqua

0

1

0

0

0

1

65,726

0.00

-87.50

Chemung

0

0

0

6

3

9

4,225

0.00

0.00

Chenango

0

0

0

0

1

1

24,222

 n/a

 n/a

Clinton

0

0

0

4

3

7

4,927

250.00

600.00

Columbia

0

0

0

0

1

1

31,886

 n/a

 n/a

Cortland

0

0

0

0

2

2

10,138

-71.43

-66.67

Delaware

0

0

0

0

1

1

29,556

-50.00

-50.00

Dutchess

0

0

0

46

7

53

2,115

-15.87

-78.97

Erie

0

188

0

178

28

394

1,073

35.86

81.57

Essex

0

0

0

0

0

0

 n/a

 n/a

-100.00

Franklin

0

0

0

2

0

2

12,237

0.00

0.00

Fulton

0

0

0

1

2

3

9,350

 n/a

-50.00

Genesee

0

1

0

5

1

7

3,495

-22.22

-84.78

Greene

0

1

0

0

1

2

14,088

-33.33

0.00

Hamilton

0

0

0

0

1

1

8,277

 n/a

 n/a

Herkimer

0

0

0

0

0

0

 n/a

-100.00

-100.00

Jefferson

0

0

0

0

0

0

 n/a

-100.00

-100.00

Kings

0

587

0

20

17

624

1,538

15.77

-3.26

Lewis

0

0

0

0

0

0

 n/a

 n/a

-100.00

Livingston

0

18

0

0

6

24

1043

-35.14

2300.00

Madison

0

0

0

0

1

1

29,507

0.00

0.00

Monroe

0

170

0

10

102

282

1,112

46.11

4.83

Montgomery

0

0

0

4

0

4

5,634

100.00

100.00

Nassau

0

537

0

12

93

642

714

42.04

28.66

New York

0

57

0

6

5

68

12,417

-38.74

-17.07

Niagara

0

20

0

2

0

22

4,452

0.00

-46.34

Oneida

0

0

0

0

6

6

17,247

200.00

-81.25

Onondaga

0

0

0

36

1

37

5,465

-30.19

-50.67

Ontario

0

41

0

1

0

42

1,080

320.00

950.00

Orange

0

174

0

87

5

266

504

44.57

37.82

Orleans

0

0

0

1

0

1

17,500

-66.67

-85.71

Oswego

0

0

0

1

5

6

8,977

200.00

-93.02

Otsego

0

0

0

0

1

1

30,412

 n/a

 n/a

Putnam

0

40

0

15

0

55

663

41.03

-15.38

Queens

0

734

0

45

40

819

1,020

7.62

-10.88

Rensselaer

0

1

0

20

2

23

2,999

-20.69

-50.00

Richmond

0

178

0

47

11

236

754

6.79

-18.62

Rockland

0

175

0

1

12

188

524

469.70

82.52

Saint Lawrence

0

0

0

0

1

1

50,632

 n/a

-85.71

Saratoga

0

0

0

16

1

17

5,563

142.86

-83.81

Schenectady

0

2

0

13

5

20

3,306

53.85

-47.37

Schoharie

0

0

0

0

1

1

16,518

 n/a

-66.67

Schuyler

0

0

0

4

0

4

2,345

300.00

300.00

Seneca

0

0

0

0

0

0

 n/a

-100.00

-100.00

Steuben

0

0

0

0

0

0

 n/a

-100.00

-100.00

Suffolk

0

700

0

98

4

802

679

18.64

9.71

Sullivan

0

1

0

2

3

6

8,074

50.00

-82.86

Tioga

0

0

0

0

0

0

 n/a

-100.00

-100.00

Tompkins

0

0

0

0

0

0

 n/a

 n/a

 n/a

Ulster

0

2

0

24

1

27

3,018

50.00

-37.21

Warren

0

0

0

4

1

5

7,509

400.00

-28.57

Washington

0

0

0

4

4

8

3,550

60.00

700.00

Wayne

0

0

0

1

0

1

39,993

-92.31

-91.67

Westchester

0

291

0

96

57

444

807

95.59

56.34

Wyoming

0

0

0

3

0

3

5,755

-50.00

-66.67

Yates

0

9

0

0

0

9

1,384

200.00

350.00

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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