NEW YORK FORECLOSURE ACTIVITY UP 8 PERCENT IN FEBRUARY

Yearly Foreclosure Activity Up 15 Percent From February 2007

 

IRVINE, Calif. – March 26, 2008 – New York reported 5,243 properties with foreclosure filings for February 2008, an 8 percent increase from the previous month, and a 15 percent increase from February 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.

 

New York foreclosures are up both in February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show the state’s unemployment rate has risen significantly during the past year and its home price appreciation rate was below the national average. These factors are likely contributing to the overall rise.”

 

New York ranked 12th in the country in total properties with foreclosure filings reported for February. One in every 1,498 New York households received a foreclosure filing in February, ranking the state 30th among the 50 states.

 

Queens County accounts for bulk of state activity

Queens County reported 962 properties with foreclosure filings, the most of any county for the month. Kings County was second, reporting 732 properties with foreclosure filings, followed by Suffolk County with 667 properties with foreclosure filings. Nassau County came in fourth with 507 properties with foreclosure filings, followed by Monroe County with 380 properties with foreclosure filings.

 

Richmond County posts highest foreclosure rate

Richmond County reported the highest foreclosure rate in New York for February, one in every 666 households receiving a foreclosure filing — 2.3 times the state average. Putnam County posted the second highest foreclosure rate, one in every 713 households receiving a foreclosure filing — 2.1 times the state average. Suffolk County documented the third highest foreclosure rate, one in every 808 households receiving a foreclosure filing — 1.9 times the state average. Monroe County registered the fourth highest foreclosure rate, reporting one in every 821 households receiving a foreclosure filing — 1.8 times the state average.

 

State contributes 2 percent to nation’s monthly total

Total foreclosure filings in New York accounted for 2 percent of the 223,651 foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, and is 60 percent above the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during 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 – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

New York

0

6

779

3,720

738

5,243

1,498

0.37

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

0

18

48

51

117

1,134

0.49

1.32

Allegany

0

0

0

0

2

2

12,428

0.04

0.12

Bronx

0

0

41

179

11

231

2,174

0.26

0.69

Broome

0

0

32

0

12

44

2,021

0.28

0.74

Cattaraugus

0

0

1

1

5

7

5,753

0.10

0.26

Cayuga

0

0

0

1

8

9

3,988

0.14

0.38

Chautauqua

0

0

3

1

18

22

2,978

0.19

0.50

Chemung

0

0

0

0

4

4

9,507

0.06

0.16

Chenango

0

0

1

1

1

3

8,036

0.07

0.19

Clinton

0

0

1

0

2

3

11,375

0.05

0.13

Columbia

0

0

1

0

2

3

10,459

0.05

0.14

Cortland

0

0

0

0

7

7

2,898

0.19

0.52

Delaware

0

0

1

1

1

3

9,819

0.06

0.15

Dutchess

0

0

1

28

32

61

1,815

0.31

0.83

Erie

0

1

93

2

58

154

2,740

0.20

0.55

Essex

0

1

0

0

0

1

24,054

0.02

0.06

Franklin

0

0

0

0

5

5

4,863

0.11

0.31

Fulton

0

0

0

0

1

1

27,993

0.02

0.05

Genesee

0

0

7

1

1

9

2,715

0.21

0.55

Greene

0

0

0

0

0

0

 n/a

0.00

0.00

Hamilton

0

0

0

0

0

0

 n/a

0.00

0.00

Herkimer

0

0

1

0

0

1

32,367

0.02

0.05

Jefferson

0

0

0

0

1

1

54,627

0.01

0.03

Kings

0

0

56

653

23

732

1,295

0.43

1.16

Lewis

0

0

0

0

0

0

 n/a

0.00

0.00

Livingston

0

0

0

0

0

0

 n/a

0.00

0.00

Madison

0

0

0

0

9

9

3,249

0.17

0.46

Monroe

0

0

13

295

72

380

821

0.68

1.82

Montgomery

0

0

1

0

0

1

22,565

0.02

0.07

Nassau

0

0

20

419

68

507

903

0.62

1.66

New York

0

0

7

55

4

66

12,421

0.04

0.12

Niagara

0

1

2

88

7

98

994

0.56

1.51

Oneida

0

0

4

2

2

8

12,897

0.04

0.12

Onondaga

0

0

45

3

32

80

2,509

0.22

0.60

Ontario

0

0

0

0

0

0

 n/a

0.00

0.00

Orange

0

1

45

6

30

82

1,603

0.35

0.93

Orleans

0

0

2

1

3

6

2,918

0.19

0.51

Oswego

0

0

1

25

8

34

1,580

0.35

0.95

Otsego

0

0

0

0

2

2

15,213

0.04

0.10

Putnam

0

0

8

36

7

51

713

0.78

2.10

Queens

0

0

98

787

77

962

865

0.64

1.73

Rensselaer

0

0

10

2

14

26

2,614

0.21

0.57

Richmond

0

1

70

172

18

261

666

0.84

2.25

Rockland

0

0

23

72

5

100

967

0.58

1.55

Saint Lawrence

0

0

0

0

3

3

16,826

0.03

0.09

Saratoga

0

0

18

8

9

35

2,644

0.21

0.57

Schenectady

0

0

22

9

16

47

1,400

0.40

1.07

Schoharie

0

0

0

0

2

2

8,141

0.07

0.18

Schuyler

0

0

1

0

0

1

9,332

0.06

0.16

Seneca

0

0

1

0

0

1

14,838

0.04

0.10

Steuben

0

0

0

0

1

1

46,782

0.01

0.03

Suffolk

0

0

40

580

47

667

808

0.69

1.85

Sullivan

0

1

21

1

0

23

2,043

0.27

0.73

Tioga

0

0

0

0

0

0

 n/a

0.00

0.00

Tompkins

0

0

0

0

4

4

10,041

0.06

0.15

Ulster

0

0

36

1

12

49

1,643

0.34

0.91

Warren

0

0

2

0

4

6

6,119

0.09

0.24

Washington

0

0

1

2

7

10

2,770

0.20

0.54

Wayne

0

0

15

1

0

16

2,482

0.22

0.60

Westchester

0

0

10

239

30

279

1,273

0.44

1.18

Wyoming

0

0

6

0

0

6

2,869

0.19

0.52

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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