NEW YORK FORECLOSURE ACTIVITY UP 29 PERCENT IN AUGUST

ACCORDING TO REALTYTRAC® U.S. FORECLOSURE MARKET REPORT

 

Yearly Total Increases 21 Percent From August 2006

 

IRVINE, Calif. – Sept. 21, 2007 – New York reported 5,498 foreclosure filings in August, up 29 percent increase from the previous month, and a 21 percent increase from August 2006, 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.

 

“After a slight downturn last month, foreclosure activity in New York shot up in August due mainly to a big jump in Lis Pendens filings for the month,” said James J. Saccacio, chief executive officer of RealtyTrac. “The growing turbulence in the subprime lending market is continuing to hit New York homeowners hard as we see increased foreclosure activity in the Queens, Kings and Bronx areas.”

 

New York ranked 11th in the country in total foreclosures reported for the month. The state’s foreclosure rate of one foreclosure filing for every 1,428 households ranked it 28th among the 50 states.

 

Queens County leads all in foreclosure activity for the month

Queens County led the state in foreclosure activity for August, reporting 1,121 foreclosure filings. Kings County reported the second highest county total with 1,032 foreclosure filings. Nassau County reported the third highest total with 457 foreclosure filings, followed by fourth place Bronx County with 432 foreclosure filings entering some stage of the foreclosure pipeline. Suffolk County reported the fifth highest county total with 398 foreclosure filings.

 

Putnam County posts highest foreclosure rate in the state for August

Putnam County reported the highest county foreclosure rate in New York for August, one foreclosure filing for every 686 households — 2.1 times the state average. Richmond County posted the second highest rate, one foreclosure filing for every 725 households — twice the state average. Queens County came in third  with a rate of one foreclosure filing for every 742 households — 1.9 times the state average. Niagara County was fourth with a rate of one foreclosure filing for every 779 households — 1.8 times the state average. Kings County rounded out the state’s top five with a rate of one foreclosure filing for every 918 households — 1.6 times the state average.

 

State makes significant contribution to nation’s monthly total

Total foreclosure filings in New York accounted for 2 percent of the 243,947 foreclosure filings nationwide in August. The national total represents a 36 percent increase from the previous month and is up 115 percent from August 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 510 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                         New York Foreclosure Market by County – August 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,388

67,632

24,810

52,328

42,789

243,947

510

n/a

n/a

New York

0

10

905

4,029

554

5,498

1,428

0.36

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

1

10

66

1

78

1,701

0.30

0.84

Allegany

0

0

0

0

1

1

24,856

0.02

0.06

Bronx

0

0

74

348

10

432

1,163

0.44

1.23

Broome

0

1

24

0

22

47

1,892

0.27

0.76

Cattaraugus

0

0

1

1

13

15

2,685

0.19

0.53

Cayuga

0

0

1

1

5

7

5,127

0.10

0.28

Chautauqua

0

0

3

0

2

5

13,103

0.04

0.11

Chemung

0

0

0

0

2

2

19,013

0.03

0.08

Chenango

0

1

0

0

3

4

6,027

0.08

0.24

Clinton

0

0

1

0

0

1

34,125

0.01

0.04

Columbia

0

0

2

0

0

2

15,689

0.03

0.09

Cortland

0

0

0

0

4

4

5,072

0.10

0.28

Delaware

0

0

1

0

0

1

29,456

0.02

0.05

Dutchess

0

0

57

18

3

78

1,419

0.36

1.01

Erie

0

0

103

2

90

195

2,164

0.24

0.66

Essex

0

0

1

0

1

2

12,027

0.04

0.12

Franklin

0

0

0

0

1

1

24,314

0.02

0.06

Fulton

0

0

0

0

15

15

1,866

0.27

0.77

Genesee

0

0

11

1

0

12

2,037

0.25

0.70

Greene

0

0

1

0

0

1

27,646

0.02

0.05

Herkimer

0

0

1

0

2

3

10,789

0.05

0.13

Jefferson

0

0

1

0

2

3

18,209

0.03

0.08

Kings

0

0

59

941

32

1,032

918

0.56

1.56

Lewis

0

0

3

1

0

4

3,975

0.13

0.36

Livingston

0

0

0

0

0

0

n/a 

0.00

0.00

Madison

0

0

0

0

5

5

5,849

0.09

0.24

Monroe

0

1

15

226

70

312

1,000

0.51

1.43

Montgomery

0

0

1

1

8

10

2,257

0.23

0.63

Nassau

0

0

57

358

42

457

1,002

0.51

1.43

New York

0

0

6

71

2

79

10,377

0.05

0.14

Niagara

0

1

14

99

11

125

779

0.65

1.83

Oneida

0

0

3

0

1

4

25,794

0.02

0.06

Onondaga

0

0

56

1

1

58

3,461

0.15

0.41

Ontario

0

0

4

1

1

6

7,451

0.07

0.19

Orange

0

0

60

13

34

107

1,228

0.42

1.16

Orleans

0

0

3

10

0

13

1,347

0.38

1.06

Oswego

0

0

1

25

11

37

1,452

0.35

0.98

Otsego

0

1

1

2

0

4

7,606

0.07

0.19

Putnam

0

0

9

32

12

53

686

0.74

2.08

Queens

0

0

87

978

56

1,121

742

0.69

1.92

Rensselaer

0

0

16

5

1

22

3,089

0.17

0.46

Richmond

0

0

24

206

10

240

725

0.70

1.97

Rockland

0

0

8

75

5

88

1,099

0.46

1.30

Saint Lawrence

0

1

0

0

0

1

50,478

0.01

0.03

Saratoga

0

1

26

25

7

59

1,568

0.33

0.91

Schenectady

0

0

8

2

8

18

3,655

0.14

0.39

Schoharie

0

0

4

0

0

4

4,070

0.13

0.35

Schuyler

0

0

1

0

0

1

9,332

0.05

0.15

Steuben

0

0

0

0

1

1

46,782

0.01

0.03

Suffolk

0

1

50

309

38

398

1,354

0.38

1.06

Sullivan

0

0

13

1

2

16

2,937

0.17

0.49

Tioga

0

0

0

0

1

1

21,668

0.02

0.07

Tompkins

0

0

0

0

3

3

13,388

0.04

0.11

Ulster

0

0

32

1

1

34

2,368

0.22

0.60

Warren

0

0

2

0

0

2

18,357

0.03

0.08

Washington

0

0

2

0

0

2

13,848

0.04

0.10

Wayne

0

1

19

0

1

21

1,891

0.27

0.76

Westchester

0

0

22

209

13

244

1,456

0.35

0.98

Wyoming

0

0

6

0

0

6

2,869

0.18

0.50

Yates

0

0

1

0

0

1

12,344

0.04

0.12

 

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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