NEW YORK FORECLOSURES INCREASE 10 PERCENT IN APRIL

Activity Down 3 Percent From a Year Earlier

 

IRVINE, Calif. – May 18, 2007 – New York reported 4,099 foreclosure filings in April, a 10 percent increase in activity from the previous month, but 3 percent below the level reported for 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 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.

 

“Employment growth continues to improve, but at a slower rate than the nation overall,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slower pace is likely contributing to the state’s elevated foreclosure activity.”

 

New York ranked 11th in the country in total foreclosures reported for March. The state posted the 25th highest foreclosure rate in the country for the month — one foreclosure filing for every 1,874 households — well below the national average.

 

Five counties account for bulk of state’s foreclosures

Five counties combined accounted for 68 percent of all foreclosure filings in New York for April. Queens County led the state, reporting 761 foreclosure filings for the month. Kings County came in second, reporting 571 foreclosure filings. Third highest total was reported by Monroe County with 549 filings. Suffolk County tallied the fourth highest total, reporting 513 foreclosure filings for the month, followed by Westchester County with 388 filings in the foreclosure pipeline.

 

Monroe County leads state in foreclosure rate for the month

Monroe County posted the highest foreclosure rate in the state for April — one foreclosure filing for every 554 households — 3.4 times the state average and 1.4 times the national average. Niagara County tallied the state’s second highest rate — one foreclosure filing for every 825 households — 2.3 times the state average and slightly below the national average. Third highest was Westchester County with one foreclosure filing for every 901 households — 2.1 times the state average.

 

State makes significant contribution to national total

Total foreclosure filings in New York accounted for 3 percent of the 147,708 filings nationwide in April. The national total was down less than 1 percent from the previous month, but still up 62 percent from April 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 783 U.S. 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 – April 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,171

49,794

7,388

21,085

22,270

147,708

783

n/a

n/a

New York

0

18

733

3,050

298

4,099

1,874

0.42

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

0

4

1

0

5

25,994

0.03

0.07

Allegany

0

0

2

0

0

2

12,253

0.06

0.15

Bronx

0

0

34

146

0

180

2,726

0.29

0.69

Broome

0

0

11

0

0

11

8,074

0.10

0.23

Cattaraugus

0

0

1

0

0

1

39,839

0.02

0.05

Cayuga

0

0

1

0

0

1

35,477

0.02

0.05

Chautauqua

0

1

2

0

0

3

21,633

0.04

0.09

Chemung

0

0

3

0

0

3

12,582

0.06

0.15

Chenango

0

0

0

0

0

0

n/a

0.00

0.00

Clinton

0

0

1

0

0

1

33,091

0.02

0.06

Columbia

0

0

2

0

1

3

10,069

0.08

0.19

Cortland

0

0

0

0

0

0

 n/a

0.00

0.00

Delaware

0

1

0

1

0

2

14,476

0.05

0.13

Dutchess

0

1

16

11

0

28

3,789

0.21

0.49

Erie

0

4

186

0

1

191

2,177

0.36

0.86

Essex

0

0

0

0

0

0

n/a 

0.00

0.00

Franklin

0

0

0

0

0

0

n/a 

0.00

0.00

Fulton

0

0

0

0

0

0

n/a 

0.00

0.00

Genesee

0

0

6

0

0

6

4,032

0.19

0.46

Greene

0

0

1

5

0

6

4,424

0.18

0.42

Herkimer

0

0

2

0

0

2

16,103

0.05

0.12

Jefferson

0

0

0

0

0

0

n/a 

0.00

0.00

Kings

0

0

75

496

0

571

1,630

0.48

1.15

Lewis

0

0

1

0

0

1

15,134

0.05

0.12

Livingston

0

0

0

0

0

0

n/a 

0.00

0.00

Madison

0

0

1

0

0

1

28,646

0.03

0.07

Monroe

0

0

18

312

219

549

554

1.41

3.38

Montgomery

0

0

1

0

0

1

22,522

0.03

0.08

Nassau

0

0

13

202

21

236

1,941

0.40

0.97

New York

0

0

0

50

3

53

15,059

0.05

0.12

Niagara

0

3

9

73

31

116

825

0.95

2.27

Oneida

0

0

0

0

0

0

n/a 

0.00

0.00

Onondaga

0

0

97

0

0

97

2,027

0.39

0.92

Ontario

0

1

0

1

0

2

21,324

0.04

0.09

Orange

0

0

42

0

0

42

2,923

0.27

0.64

Orleans

0

1

2

0

0

3

5,782

0.14

0.32

Oswego

0

0

3

0

0

3

17,610

0.04

0.11

Otsego

0

0

0

0

0

0

n/a 

0.00

0.00

Putnam

0

0

8

26

0

34

1,030

0.76

1.82

Queens

0

1

92

668

0

761

1,074

0.73

1.74

Rensselaer

0

0

0

1

0

1

66,120

0.01

0.03

Richmond

0

0

22

127

7

156

1,051

0.74

1.78

Rockland

0

0

8

41

0

49

1,938

0.40

0.97

Saint Lawrence

0

1

0

0

0

1

49,721

0.02

0.04

Saratoga

0

0

3

21

0

24

3,613

0.22

0.52

Schenectady

0

0

23

0

0

23

2,827

0.28

0.66

Schuyler

0

0

1

0

0

1

9,181

0.09

0.20

Seneca

0

0

0

0

0

0

n/a 

0.00

0.00

Steuben

0

1

0

1

0

2

23,066

0.03

0.08

Suffolk

0

1

17

495

0

513

1,018

0.77

1.84

Sullivan

0

0

8

1

0

9

4,970

0.16

0.38

Tioga

0

0

1

0

0

1

21,410

0.04

0.09

Tompkins

0

0

0

0

0

0

n/a 

0.00

0.00

Ulster

0

0

1

2

0

3

25,885

0.03

0.07

Warren

0

1

6

0

0

7

4,979

0.16

0.38

Washington

0

0

2

0

0

2

13,397

0.06

0.14

Wayne

0

1

0

0

0

1

38,767

0.02

0.05

Westchester

0

0

5

368

15

388

901

0.87

2.08

Wyoming

0

0

2

0

0

2

8,470

0.09

0.22

Yates

0

0

0

1

0

1

12,064

0.06

0.16

 

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

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