NEW YORK FORECLOSURE ACTIVITY UP 24 PERCENT IN JANUARY

Foreclosure Filings Statewide Decrease 28 Percent From January 2008

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 3,496 New York properties in January, up 24 percent from the previous month but 28 percent below the level reported for January 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.

 

“The job market is deteriorating rapidly in New York, and unemployment statewide jumped to 7 percent, and this is why we are seeing a rise in foreclosure activity in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “New York lagged the nation in entering the recession, but the state is catching up with a vengeance. If the economic crisis continues, it will likely trigger an increase in foreclosure activity in New York.”

 

New York ranked 18th in the country in total foreclosures reported for the month. With one in every 2,271 housing units receiving a foreclosure filing, its foreclosure rate ranked 38th among the 50 states.

 

Five counties account for bulk of state activity in January

Five New York counties accounted for 59 percent of all foreclosure activity in the state during January. Queens County led the pack, reporting 626 properties with foreclosure filings for the month. Suffolk County posted the second highest foreclosure activity, reporting 554 properties with foreclosure filings. Kings County came in third place, reporting 371 properties with foreclosure filings. Monroe County placed fourth, documenting 254 properties with foreclosure filings. Nassau County posted the fifth highest foreclosure activity, where 250 properties with foreclosure filings were reported.

 

Putnam County posts state’s highest foreclosure rate for January

Putnam County reported the highest foreclosure rate in New York for January, with one in every 960 housing units receiving a foreclosure filing — 2.4 times the state average. Suffolk County posted the state’s second highest foreclosure rate, with one in every 983 housing units receiving a foreclosure filing — 2.3 times the state average. Orange County documented the third highest foreclosure rate, where one in every 1,072 housing units received a foreclosure filing during the month — 2.1 times the state average.

 

State contributed 1 percent to nation’s foreclosure total in January

New York accounted for 1 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

New York

0

1,988

0

930

578

3,496

2,271

0.21

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

0

0

12

11

23

5,801

0.08

0.39

Allegany

0

0

0

0

1

1

24,863

0.02

0.09

Bronx

0

106

0

24

10

140

3,633

0.13

0.63

Broome

0

0

0

10

16

26

3,417

0.14

0.66

Cattaraugus

0

1

0

0

0

1

40,451

0.01

0.06

Cayuga

0

0

0

7

4

11

3,264

0.14

0.70

Chautauqua

0

0

0

0

2

2

32,863

0.01

0.07

Chemung

0

0

0

2

1

3

12,675

0.04

0.18

Chenango

0

0

0

0

0

0

 n/a

0.00

0.00

Clinton

0

0

0

6

0

6

5,748

0.08

0.40

Columbia

0

0

0

5

1

6

5,314

0.09

0.43

Cortland

0

7

0

0

3

10

2,028

0.23

1.12

Delaware

0

0

0

0

0

0

 n/a

0.00

0.00

Dutchess

0

0

0

53

24

77

1,456

0.32

1.56

Erie

0

135

0

85

26

246

1,719

0.27

1.32

Essex

0

0

0

3

0

3

8,107

0.06

0.28

Franklin

0

0

0

2

0

2

12,237

0.04

0.19

Fulton

0

0

0

2

1

3

9,350

0.05

0.24

Genesee

0

0

0

5

1

6

4,077

0.11

0.56

Greene

0

0

0

3

2

5

5,635

0.08

0.40

Hamilton

0

0

0

0

0

0

 n/a

0.00

0.00

Herkimer

0

0

0

1

0

1

32,543

0.01

0.07

Jefferson

0

0

0

0

0

0

 n/a

0.00

0.00

Kings

0

314

0

23

34

371

2,586

0.18

0.88

Lewis

0

0

0

0

0

0

 n/a

0.00

0.00

Livingston

0

1

0

0

2

3

8,344

0.06

0.27

Madison

0

0

0

0

1

1

29,507

0.02

0.08

Monroe

0

181

0

14

59

254

1,235

0.38

1.84

Montgomery

0

0

0

2

5

7

3,220

0.14

0.71

Nassau

0

166

0

31

53

250

1,834

0.25

1.24

New York

0

40

0

8

3

51

16,556

0.03

0.14

Niagara

0

1

0

0

6

7

13,992

0.03

0.16

Oneida

0

0

0

0

2

2

51,742

0.01

0.04

Onondaga

0

0

0

27

7

34

5,947

0.08

0.38

Ontario

0

0

0

0

27

27

1,680

0.28

1.35

Orange

0

50

0

72

3

125

1,072

0.43

2.12

Orleans

0

0

0

1

1

2

8,750

0.05

0.26

Oswego

0

0

0

0

0

0

 n/a

0.00

0.00

Otsego

0

0

0

0

0

0

 n/a

0.00

0.00

Putnam

0

22

0

14

2

38

960

0.49

2.37

Queens

0

304

0

200

122

626

1,335

0.35

1.70

Rensselaer

0

0

0

11

3

14

4,928

0.09

0.46

Richmond

0

82

0

71

10

163

1,092

0.43

2.08

Rockland

0

45

0

2

10

57

1,730

0.27

1.31

Saint Lawrence

0

0

0

0

3

3

16,877

0.03

0.13

Saratoga

0

0

0

9

2

11

8,598

0.05

0.26

Schenectady

0

0

0

18

1

19

3,480

0.13

0.65

Schoharie

0

0

0

0

0

0

 n/a

0.00

0.00

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

0

0

0

3

3

15,609

0.03

0.15

Suffolk

0

440

0

110

4

554

983

0.47

2.31

Sullivan

0

0

0

1

5

6

8,074

0.06

0.28

Tioga

0

0

0

1

3

4

5,427

0.09

0.42

Tompkins

0

0

0

0

1

1

40,603

0.01

0.06

Ulster

0

0

0

23

1

24

3,396

0.14

0.67

Warren

0

0

0

7

0

7

5,364

0.09

0.42

Washington

0

0

0

3

0

3

9,467

0.05

0.24

Wayne

0

11

0

1

23

35

1,143

0.41

1.99

Westchester

0

82

0

59

74

215

1,666

0.28

1.36

Wyoming

0

0

0

1

2

3

5,755

0.08

0.39

Yates

0

0

0

1

3

4

3,115

0.15

0.73

                   

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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