NEW YORK FORECLOSURE ACTIVITY UP 29 PERCENT IN 2008

More than 50,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 50,032 New York properties in 2008, an increase of 29 percent from 2007 and an increase of 129 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 0.63 percent of all New York housing units received at least one foreclosure filing during the year, up from 0.49 percent in 2007.

 

New York reported 2,826 properties with foreclosure filings in December, a 9 percent increase from the previous month, and a 39 percent decrease over December 2007.

 

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 rose substantially in New York in 2008 as unemployment spread across many sectors of the state,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in New York State rose to 7 percent in December, which is slightly below the national average of 7.2 percent. The financial turmoil on Wall Street is significantly impacting the Empire State’s workforce as well, adding to existing mortgage peril among homeowners.”

 

Queens County reports highest total of foreclosure filings

Queens County led the state reporting 8,797 properties with foreclosure filings for the year. Suffolk County came in second, reporting 5,885 properties with foreclosure filings. Kings County registered the third highest total, reporting 5,523 properties with foreclosure filings. Nassau County documented the fourth highest foreclosure total, reporting with 4,099 properties with foreclosure filings. Erie County came in fifth, documenting 3,057 properties with foreclosure filings.

 

Orange County posts top foreclosure rate

Orange County topped the list, with 1.29 percent of its housing units receiving at least one foreclosure filing during the year. Richmond County came in second, with 1.27 percent of its housing units receiving at least one foreclosure filing. Putnam County posted the third highest foreclosure rate, where 1.27 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Suffolk County (1.08 percent) and Queens County (1.06 percent).

 

State a contributor to nation’s foreclosure total for 2008

New York accounted for 2 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

New York

50,032

0.63

29.32

 

 

 

 

 

8

Albany

1,240

0.93

382.49

42

Allegany

39

0.16

95.00

27

Bronx

2,041

0.40

-3.59

22

Broome

442

0.50

291.15

29

Cattaraugus

145

0.36

178.85

36

Cayuga

86

0.24

100.00

45

Chautauqua

98

0.15

145.00

40

Chemung

63

0.17

142.31

56

Chenango

21

0.09

250.00

38

Clinton

73

0.21

329.41

47

Columbia

44

0.14

91.30

34

Cortland

51

0.25

64.52

60

Delaware

19

0.06

171.43

6

Dutchess

1,110

1.00

280.14

15

Erie

3,057

0.72

159.07

44

Essex

37

0.15

825.00

59

Franklin

16

0.07

128.57

39

Fulton

52

0.19

-1.89

13

Genesee

193

0.79

141.25

37

Greene

61

0.22

10.91

62

Hamilton

2

0.02

 n/a

51

Herkimer

32

0.10

113.33

61

Jefferson

32

0.06

100.00

20

Kings

5,523

0.58

-6.96

55

Lewis

14

0.09

600.00

19

Livingston

151

0.61

1,787.50

58

Madison

21

0.07

0.00

7

Monroe

3,023

0.97

-7.41

28

Montgomery

85

0.38

123.68

10

Nassau

4,099

0.89

12.76

53

New York

792

0.09

7.76

12

Niagara

785

0.80

-24.15

49

Oneida

112

0.11

103.64

33

Onondaga

629

0.31

225.91

23

Ontario

206

0.46

724.00

1

Orange

1,716

1.29

367.57

11

Orleans

153

0.87

135.38

17

Oswego

378

0.70

150.33

52

Otsego

29

0.10

383.33

3

Putnam

463

1.27

6.68

5

Queens

8,797

1.06

27.20

26

Rensselaer

278

0.40

78.21

2

Richmond

2,256

1.27

35.74

9

Rockland

873

0.90

17.18

50

Saint Lawrence

54

0.11

68.75

21

Saratoga

468

0.50

137.56

18

Schenectady

405

0.61

17.73

43

Schoharie

25

0.15

108.33

41

Schuyler

15

0.16

650.00

54

Seneca

13

0.09

116.67

46

Steuben

68

0.15

13.33

4

Suffolk

5,885

1.08

-2.31

24

Sullivan

210

0.44

328.57

48

Tioga

29

0.13

31.82

57

Tompkins

32

0.08

68.42

25

Ulster

353

0.43

157.66

35

Warren

91

0.24

225.00

30

Washington

100

0.35

150.00

14

Wayne

292

0.73

548.89

16

Westchester

2,558

0.72

48.12

31

Wyoming

58

0.34

81.25

32

Yates

39

0.31

387.50

 

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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