NEW YORK FORECLOSURES DECREASE 18 PERCENT IN MARCH

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Down 7 Percent From a Year Ago

 

IRVINE, Calif. – April 23, 2007 – New York reported 3,711 foreclosure filings in March, an 18 percent decrease from the previous month, and a 7 percent decrease from March 2006, 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 900,000 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.

 

New York foreclosures have decreased both in March and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that while the average rate of U.S. home sales declined by 10 percent in 2006, New York’s home sales only declined by 2 percent, indicating that its real estate market is still relatively strong. This is likely contributing to the overall decrease.”

 

New York ranked 13th in the country in total foreclosures for March. The state’s foreclosure rate of one foreclosure filing for every 2,069 households ranks it 26th among the 50 states.

 

Kings County accounts for highest share of state total

Kings County reported the highest foreclosure total for the month with 722 foreclosure filings. Queens County came in second, reporting 618 foreclosure filings, followed by Suffolk County with 477 foreclosure filings.

 

Putnam County holds highest foreclosure rate

Putnam County posted the highest foreclosure rate in New York for March, reporting one foreclosure filing for every 547 households — 3.8 times the state average and 1.4 times the national average. Niagara County reported the second highest foreclosure rate, with one foreclosure filing for every 709 households — 2.9 times the state average. Westchester County posted the third highest foreclosure rate, with one foreclosure filing for every 915 households — 2.3 times the state average. 

 

State contributes 2 percent to national total

Total foreclosure filings in New York accounted for 2 percent of the 149,150 foreclosure filings nationwide in March. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 U.S. households 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 – March 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

United States

47,134

51,203

8,906

19,416

22,491

149,150

775

n/a

n/a

New York

7

1

621

2,964

118

3,711

2,069

0.37

n/a

 

 

 

 

 

 

 

 

 

Albany

0

0

16

25

0

41

3,170

0.24

0.65

Allegany

0

0

1

0

0

1

24,505

0.03

0.08

Bronx

0

0

29

157

0

186

2,638

0.29

0.78

Broome

0

0

6

0

0

6

14,803

0.05

0.14

Cattaraugus

0

0

3

0

0

3

13,280

0.06

0.16

Cayuga

0

0

2

0

0

2

17,739

0.04

0.12

Chemung

0

0

0

0

0

0

n/a

0.00

0.00

Chenango

0

0

0

0

0

0

n/a

0.00

0.00

Clinton

0

0

0

0

0

0

n/a

0.00

0.00

Columbia

0

0

1

1

0

2

15,104

0.00

0.05

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

0

0

36

27

1

64

1,658

0.47

1.25

Erie

0

0

108

3

0

111

3,747

0.21

0.55

Essex

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

0

0

1

0

0

1

23,936

0.03

0.09

Fulton

0

0

0

0

0

0

n/a

0.00

0.00

Genesee

0

0

0

1

0

1

24,190

0.03

0.09

Greene

0

0

3

1

0

4

6,636

0.12

0.31

Hamilton

0

0

0

0

0

0

n/a

0.00

0.00

Jefferson

0

0

1

0

0

1

54,070

0.01

0.04

Kings

0

0

63

659

0

722

1,289

0.60

1.61

Lewis

0

0

1

0

0

1

15,134

0.05

0.14

Livingston

0

0

1

0

0

1

24,023

0.03

0.09

Madison

0

0

1

1

0

2

14,323

0.05

0.14

Monroe

1

0

12

130

52

195

1,561

0.50

1.33

Montgomery

1

0

1

0

0

2

11,261

0.07

0.18

Nassau

0

0

25

215

10

250

1,833

0.42

1.13

New York

0

0

1

50

0

51

15,650

0.05

0.13

Niagara

0

0

22

82

31

135

709

1.09

2.92

Oneida

1

0

2

0

0

3

34,268

0.02

0.06

Onondaga

0

1

57

3

0

61

3,223

0.24

0.64

Ontario

0

0

5

0

0

5

8,529

0.09

0.24

Orange

0

0

10

4

0

14

8,768

0.09

0.24

Orleans

0

0

1

0

1

2

8,674

0.09

0.24

Oswego

0

0

1

1

0

2

26,416

0.03

0.08

Putnam

0

0

25

36

3

64

547

1.42

3.78

Queens

0

0

113

505

0

618

1,322

0.59

1.56

Rensselaer

1

0

0

38

0

39

1,695

0.46

1.22

Richmond

1

0

11

126

5

143

1,147

0.68

1.80

Rockland

0

0

2

54

2

58

1,637

0.47

1.26

Saratoga

0

0

0

1

0

1

86,701

0.01

0.02

Schenectady

0

0

9

0

0

9

7,226

0.11

0.29

Schuyler

0

0

1

1

0

2

4,591

0.17

0.45

Seneca

0

0

0

0

0

0

n/a

0.00

0.00

Steuben

0

0

1

0

0

1

46,132

0.02

0.04

Suffolk

2

0

18

457

0

477

1,095

0.71

1.89

Sullivan

0

0

7

0

0

7

6,390

0.12

0.32

Tioga

0

0

1

0

0

1

21,410

0.04

0.10

Tompkins

0

0

0

0

0

0

n/a

0.00

0.00

Ulster

0

0

11

19

1

31

2,505

0.31

0.83

Warren

0

0

4

0

0

4

8,713

0.09

0.24

Washington

0

0

2

0

0

2

13,397

0.06

0.15

Wayne

0

0

2

1

0

3

12,922

0.06

0.16

Westchester

0

0

4

366

12

382

915

0.85

2.26

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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