NEW YORK FORECLOSURES DECREASE 12 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Down 1 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – New York documented 4,552 foreclosure filings in February, a 12 percent decrease from the previous month, and a 1 percent decline from the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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.

 

“As the subprime mortgage market goes from boom to bust, foreclosures will increase in New York in the coming months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Lower home sales volume and a much slower rate of price appreciation are two factors that are making it more difficult for distressed homeowners to sell their way out of foreclosure.”

 

New York ranked 9th in the country in total foreclosures reported for February, well behind top-rated Florida, which led the nation with 19,144 foreclosure filings. Reporting 16,273 foreclosures filings, California was securely in second place, followed by third place Texas with 12,386 foreclosure filings for the month. Michigan took fourth, reporting 9,287 foreclosure filings, while Ohio came in fifth with 7,478 properties in the foreclosure pipeline. Georgia, Illinois, Colorado and New Jersey rounded out the nation’s top 10 for the month.

 

The state’s foreclosure rate of one foreclosure filing for every 1,687 households ranked 23rd among the 50 states and was well below the national average.

 

Bulk of state total found in five counties

The combined foreclosure filings in five counties accounted for 75 percent of all foreclosures in New York for February. Suffolk County led the way with 1,639 foreclosure filings for the month. Queens County documented the second highest total in the state, reporting 566 foreclosure filings. Reporting 520 foreclosure filings, Kings County had the state’s third highest total. Nassau County documented 367 foreclosure filings, giving it the fourth highest total in the state. Monroe County rounded out the state’s top five, reporting 323 filings in the foreclosure pipeline during the month.

 

Suffolk County leads state in foreclosure rate

Suffolk County tallied the highest foreclosure rate in New York for February, with one foreclosure filing for every 319 households — 5.3 times the state average and 2.8 times the national average. Putnam County registered the second highest rate, with one foreclosure filing for every 615 households — 2.8 times the state average and 1.4 times the national average. Niagara County came in third with a foreclosure rate of one foreclosure filing for every 660 households — 2.6 times the state average and 1.3 times the national average. Monroe County posted the state’s fourth highest foreclosure rate, one foreclosure filing for every 942 households — 1.8 times the state average.

 

State makes significant contribution to national total

Total foreclosure filings in New York accounted for more than 3 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

New York

25

16

663

3,680

168

4,552

1,687

0.52

n/a

 

 

 

 

 

 

 

 

 

 

Albany

2

2

11

3

0

18

7,221

0.12

0.23

Allegany

0

1

1

0

0

2

12,253

0.07

0.14

Bronx

2

0

24

194

0

220

2,230

0.40

0.76

Broome

0

0

6

1

0

7

12,688

0.07

0.13

Cattaraugus

0

1

1

0

0

2

19,920

0.04

0.08

Cayuga

0

0

2

0

0

2

17,739

0.05

0.10

Chautauqua

0

0

0

1

0

1

64,900

0.01

0.03

Chemung

0

0

2

0

0

2

18,873

0.05

0.09

Chenango

0

0

0

1

0

1

23,908

0.04

0.07

Columbia

0

0

0

0

2

2

15,104

0.06

0.11

Cortland

0

0

0

0

0

0

n/a

0.00

0.00

Delaware

0

0

0

0

0

0

n/a

0.00

0.00

Dutchess

1

0

41

17

0

59

1,798

0.49

0.94

Erie

1

3

155

4

6

169

2,461

0.36

0.69

Essex

0

0

0

1

0

1

23,115

0.04

0.07

Fulton

0

0

0

1

0

1

27,787

0.03

0.06

Genesee

0

1

0

0

1

2

12,095

0.07

0.14

Greene

0

0

0

8

0

8

3,318

0.27

0.51

Herkimer

1

0

1

0

0

2

16,103

0.05

0.10

Jefferson

0

0

0

0

0

0

n/a

0.00

0.00

Kings

3

0

54

463

0

520

1,790

0.49

0.94

Livingston

0

0

0

1

0

1

24,023

0.04

0.07

Monroe

0

0

23

229

71

323

942

0.94

1.79

Montgomery

0

0

4

0

0

4

5,631

0.16

0.30

Nassau

2

0

15

333

17

367

1,248

0.71

1.35

New York

0

0

2

20

0

22

36,279

0.02

0.05

Niagara

0

0

22

89

34

145

660

1.34

2.56

Oneida

1

0

1

0

0

2

51,402

0.02

0.03

Onondaga

0

1

62

0

0

63

3,121

0.28

0.54

Ontario

0

1

0

1

0

2

21,324

0.04

0.08

Orange

1

0

4

50

0

55

2,232

0.40

0.76

Oswego

0

2

0

0

0

2

26,416

0.03

0.06

Otsego

0

0

0

1

0

1

28,481

0.03

0.06

Putnam

0

0

8

37

12

57

615

1.44

2.75

Queens

4

0

128

434

0

566

1,444

0.61

1.17

Rensselaer

0

0

2

11

0

13

5,086

0.17

0.33

Richmond

0

0

11

75

9

95

1,726

0.51

0.98

Rockland

1

2

3

53

4

63

1,508

0.59

1.12

Saint Lawrence

0

1

0

0

0

1

49,721

0.02

0.03

Saratoga

0

0

2

2

0

4

21,675

0.04

0.08

Schenectady

0

0

9

1

0

10

6,503

0.14

0.26

Schoharie

0

0

0

0

0

0

n/a

0.00

0.00

Schuyler

0

0

2

0

0

2

4,591

0.19

0.37

Seneca

0

0

0

0

0

0

n/a

0.00

0.00

Steuben

0

0

0

0

0

0

n/a

0.00

0.00

Suffolk

5

0

27

1,607

0

1,639

319

2.77

5.29

Sullivan

0

0

7

1

0

8

5,591

0.16

0.30

Tioga

0

0

0

0

0

0

n/a

0.00

0.00

Tompkins

0

1

0

0

0

1

38,625

0.02

0.04

Ulster

0

0

14

34

1

49

1,585

0.56

1.06

Warren

0

0

8

0

0

8

4,357

0.20

0.39

Washington

0

0

5

0

0

5

5,359

0.16

0.31

Wayne

0

0

2

0

0

2

19,384

0.05

0.09

Westchester

1

0

4

7

11

23

15,194

0.06

0.11

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 construction properties, 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

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved