New York Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 12 percent from Q2, Up 5 percent from Q3 2008.

 

New York reported 15,242 properties with foreclosure filings in the third quarter of 2009, an increase of 12 percent from the previous quarter and 5 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

New York foreclosures were on the rise during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in banked-owned properties, which jumped 34 percent for the quarter. While still on the rise, New York’s unemployment rate and property value depreciation remain below the national average. This increase we are seeing is likely being driven by the recession.”

 

One in every 521 New York housing units received a foreclosure filing in the third quarter, the 39th highest state foreclosure rate in the nation. The state ranked 13th for the quarter in total foreclosures when compared to the 50 states.

 

Foreclosure activity in the Empire State was up 6 percent in September from the previous month to 5,693 properties with foreclosure filings, and elevated on a yearly basis, up to 71 percent from September 2008. The state’s foreclosure rate was 39th highest in the nation for the month — with one in every 1,395 housing units receiving a foreclosure filing.

 

Suffolk City posts state’s top foreclosure rate in the third quarter

Suffolk County posted the highest county foreclosure rate in the state for the third quarter, with one in every 231 housing units receiving a foreclosure filing — 2.3 times the state average. Putnam County was second, with one in every 232 housing units receiving a foreclosure filing during the quarter — 2.2 times the state average. Nassau County posted the third highest foreclosure rate, where one in every 238 housing units received a foreclosure filing — 2.2 times the state average.

 

Five counties accounted for 61 percent of foreclosure activity in the third quarter

Queens County led the way, tallying 2,563 properties with foreclosure filings for the quarter. Suffolk County came in second highest, reporting 2,352 properties with foreclosure filings. Nassau County came in third, tallying 1,925 properties with foreclosure filings. Kings County posted the fourth highest foreclosure activity for the quarter, reporting 1,647 properties with foreclosure filings. Erie County documented 868 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State contributes 2 percent to nation’s foreclosure activity for quarter and month

New York accounted for two percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and two percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

New York

0

11,048

1

2,316

1,877

15,242

520.92

0.26

n/a

 

 

 

 

 

 

 

 

 

 

Suffolk

0

2,052

0

249

51

2,352

231

0.59

2.25

Putnam

0

103

0

27

27

157

232

0.59

2.24

Nassau

0

1,773

0

17

135

1,925

238

0.57

2.19

Richmond

0

535

1

125

49

710

251

0.54

2.08

Rockland

0

338

0

2

46

386

255

0.53

2.04

 

 

New York Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

New York

0

11,048

1

2,316

1,877

15,242

520.92

11.55

5.28

 

 

 

 

 

 

 

 

 

 

Queens

0

2,057

0

248

258

2,563

326

22.51

9.20

Suffolk

0

2,052

0

249

51

2,352

231

35.33

49.90

Nassau

0

1,773

0

17

135

1,925

238

5.08

71.26

Kings

0

1,475

0

118

54

1,647

583

4.31

10.17

Erie

0

537

0

183

148

868

487

2.84

-29.37

 

 

New York Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

New York

0

3,902

0

824

967

5,693

1,395

0.27

n/a

 

 

 

 

 

 

 

 

 

 

Richmond

0

221

0

58

22

301

591

0.63

2.36

Suffolk

0

768

0

86

26

880

619

0.60

2.25

Rockland

0

143

0

0

16

159

620

0.60

2.25

Putnam

0

40

0

9

9

58

629

0.59

2.22

Nassau

0

622

0

4

81

707

649

0.57

2.15

 

 

New York Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

New York

0

3,902

0

824

967

5,693

1,395

6.41

71.37

 

 

 

 

 

 

 

 

 

 

Suffolk

0

768

0

86

26

880

619

1.38

167.48

Queens

0

703

0

7

97

807

1,035

-13.69

56.40

Nassau

0

622

0

4

81

707

649

3.51

224.31

Kings

0

607

0

29

18

654

1,467

-5.63

117.28

Westchester

0

253

0

50

40

343

1,045

36.65

50.44

 

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