NEW YORK FORECLOSURES INCREASE 10 PERCENT IN JANUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Down 1 Percent From a Year Ago

 

IRVINE, Calif. – Feb. 25, 2007 – New York documented 5,148 new foreclosure filings in January, a 10 percent increase from the previous month but a 1 percent decrease from January 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of 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.

 

“Although slightly down from January 2006, foreclosure activity in New York continues at a steady pace, keeping it among the states with the 10 highest foreclosure totals,” 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’s foreclosure total ranked eighth highest in the country for January, up from 10th highest in December. The state’s foreclosure rate of one new foreclosure filing for every 1,492 households ranked 22nd 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 79 percent of all foreclosures in New York for January. Suffolk County documented the highest total, reporting 1,441 new foreclosure filings for the month. Queens County documented the second highest total in the state, reporting 901 new filings. Reporting 805 foreclosure filings, Kings County had the state’s third highest total. Nassau County documented 532 new foreclosure filings, giving it the fourth highest total in the state. Monroe County rounded out the state’s top five, reporting 408 new 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 January, with one new foreclosure filing for every 362 households — more than four times the state average and 2.4 times the national average. Monroe County registered the second highest rate, with one new foreclosure filing for every 746 households — twice the state average and 1.2 times the national average. Nassau County came in third with a foreclosure rate of one new foreclosure filing for every 861 households — 1.7 times the state average and on par with the national average. Queens County posted the state’s fourth highest foreclosure rate, one new foreclosure filing for every 907 households— 1.7 times the state average.

 

State makes significant contribution to national total

New York accounted for 4 percent of the 130,511 foreclosure filings nationwide in January, up 19 percent from the previous month and up 25 percent from January 2006. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 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 – January 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,317

52,326

6,983

19,980

23,905

130,511

886

n/a

n/a

New York

34

11

567

4,305

231

5,148

1,492

0.59

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

0

10

2

0

12

10,831

0.08

0.14

Allegany

0

0

3

0

0

3

8,168

0.11

0.18

Bronx

1

0

24

234

0

259

1,894

0.47

0.79

Broome

0

0

12

2

0

14

6,344

0.14

0.24

Cattaraugus

0

0

0

1

1

2

19,920

0.04

0.07

Cayuga

0

0

0

0

0

0

n/a 

0.00

0.00

Chautauqua

0

1

1

1

0

3

21,633

0.04

0.07

Chemung

0

0

1

0

0

1

37,745

0.02

0.04

Chenango

0

0

1

0

0

1

23,908

0.04

0.06

Clinton

0

0

2

0

0

2

16,546

0.05

0.09

Columbia

0

0

0

0

0

0

 n/a 

0.00

0.00

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

30

1

2

34

3,121

0.28

0.48

Erie

0

7

163

4

26

200

2,079

0.43

0.72

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

1

0

1

27,787

0.03

0.05

Genesee

0

0

2

0

0

2

12,095

0.07

0.12

Greene

2

0

2

0

0

4

6,636

0.13

0.22

Hamilton

0

0

0

0

0

0

n/a  

0.00

0.00

Herkimer

0

0

0

1

0

1

32,206

0.03

0.05

Jefferson

0

0

0

0

0

0

n/a  

0.00

0.00

Kings

8

0

49

748

0

805

1,156

0.77

1.29

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

Monroe

0

1

49

246

112

408

746

1.19

2.00

Montgomery

1

0

3

0

0

4

5,631

0.16

0.26

Nassau

6

0

18

498

10

532

861

1.03

1.73

New York

0

0

1

69

1

71

11,241

0.08

0.13

Niagara

0

0

11

38

39

88

1,088

0.81

1.37

Oneida

0

1

5

2

0

8

12,850

0.07

0.12

Onondaga

0

0

50

1

0

51

3,856

0.23

0.39

Ontario

2

0

0

1

0

3

14,216

0.06

0.10

Orange

2

0

20

11

0

33

3,720

0.24

0.40

Orleans

0

0

0

0

0

0

n/a  

0.00

0.00

Oswego

0

0

0

0

0

0

n/a  

0.00

0.00

Otsego

0

0

0

0

0

0

n/a  

0.00

0.00

Putnam

0

0

0

19

4

23

1,523

0.58

0.98

Queens

4

0

50

847

0

901

907

0.98

1.64

Rensselaer

0

0

2

0

0

2

33,060

0.03

0.05

Richmond

1

1

9

113

16

140

1,171

0.76

1.27

Rockland

1

0

2

41

3

47

2,021

0.44

0.74

Saint Lawrence

0

0

1

0

0

1

49,721

0.02

0.03

Saratoga

0

0

0

2

0

2

43,351

0.02

0.03

Schenectady

0

0

9

2

0

11

5,912

0.15

0.25

Schuyler

0

0

2

0

0

2

4,591

0.19

0.32

Seneca

0

0

1

0

0

1

14,794

0.06

0.10

Steuben

1

0

1

0

0

2

23,066

0.04

0.06

Suffolk

2

0

23

1,416

0

1,441

362

2.44

4.12

Sullivan

0

0

2

0

0

2

22,365

0.04

0.07

Tioga

0

0

0

0

0

0

n/a  

0.00

0.00

Tompkins

0

0

0

0

0

0

n/a  

0.00

0.00

Ulster

0

0

6

0

0

6

12,943

0.07

0.12

Warren

1

0

0

1

0

2

17,426

0.05

0.09

Washington

0

0

1

0

0

1

26,794

0.03

0.06

Wayne

0

0

0

2

0

2

19,384

0.05

0.08

Westchester

1

0

1

1

17

20

17,473

0.05

0.09

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

 

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