NEW YORK FORECLOSURES INCREASE 19 PERCENT IN OCTOBER

State’s Activity 21 Percent Higher Than a Year Ago

 

IRVINE, Calif. – Nov. 10, 2006 – New York reported 4,305 properties entering some stage of the foreclosure process in October, a 19 percent increase from the 3,622 properties reported in September, and a 21 percent increase from the 3,546 properties reported in the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from more than 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.

 

“Slowdowns in home sales and the rate of home price appreciation are contributing to New York’s upswing in foreclosures last month,” said James J. Saccacio, chief executive officer of RealtyTrac. “Borrowers, however, with adjustable-rate mortgages, and less creditworthy borrowers in particular, may be more vulnerable to the effects of ‘payment shock’ should their mortgage interest rates reset at higher levels.”

 

New York ranked 10th in the country in total foreclosures reported for October. The state’s foreclosure rate of one new foreclosure filing for every 1,784 households was 20th highest among the 50 states.

 

Top four counties account for largest share of state total

Four counties accounted for 59 percent of all foreclosures in the state of New York for October. Leading the state in foreclosures for the month was Kings County, reporting 815 properties entering some stage of the foreclosure process. Queens County had the second highest total, with 688 properties entering some stage of the foreclosure process, followed by Nassau County, where 678 properties entered some stage of the foreclosure process. Suffolk County came in fourth, reporting 372 properties in some stage of the foreclosure process. Other significant foreclosure levels were found in Bronx County, Richmond County, Erie County and Monroe County.

 

Highest foreclosure rate reported in Richmond County

Richmond County posted the state’s highest foreclosure rate in October, with one new foreclosure filing for every 607 households — 2.9 times the state average and 1.7 times the national average. Reporting one new foreclosure filing for every 676 households — 2.6 times the state average and 1.5 times the national average — Nassau County had the second highest foreclosure rate in the state. Completing the top five foreclosure rates were Rockland County, with one new foreclosure filing for every 748 households, Kings County, with one new foreclosure filing for every 1,142 households, and Queens County, with one new foreclosure filing for every 1,188 households.

 

State makes major contribution to national total

New York’s foreclosure activity accounted for nearly 4 percent of the 115,568 properties entering some stage of the foreclosure process nationwide in October. The national total represents a 3 percent increase in the activity from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

New York Foreclosure Market by County – October 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

New York

0

0

998

3,087

220

4,305

1,784

0.56

 

 

 

 

 

 

 

 

 

 

Albany

0

0

10

3

0

13

9,998

0.10

0.18

Allegany

0

0

3

0

0

3

8,168

0.12

0.22

Bronx

0

0

67

234

0

301

1,630

0.61

1.09

Broome

0

0

14

4

0

18

4,934

0.20

0.36

Cattaraugus

0

0

1

1

0

2

19,920

0.05

0.09

Cayuga

0

0

0

0

0

0

0.00

0.00

Chautauqua

0

0

0

1

0

1

64,900

0.02

0.03

Chemung

0

0

11

0

0

11

3,431

0.29

0.52

Chenango

0

0

0

0

0

0

0.00

0.00

Clinton

0

0

0

0

0

0

0.00

0.00

Columbia

0

0

0

0

0

0

0.00

0.00

Cortland

0

0

0

0

0

0

0.00

0.00

Delaware

0

0

0

0

0

0

0.00

0.00

Dutchess

0

0

16

59

0

75

1,415

0.71

1.26

Erie

0

0

108

7

76

191

2,177

0.46

0.82

Essex

0

0

0

0

0

0

0.00

0.00

Franklin

0

0

0

1

0

1

23,936

0.04

0.07

Fulton

0

0

0

0

0

0

0.00

0.00

Genesee

0

0

1

1

0

2

12,095

0.08

0.15

Greene

0

0

4

1

0

5

5,309

0.19

0.34

Hamilton

0

0

0

0

0

0

0.00

0.00

Herkimer

0

0

1

0

0

1

32,206

0.03

0.06

Jefferson

0

0

0

0

0

0

0.00

0.00

Kings

0

0

98

717

0

815

1,142

0.88

1.56

Lewis

0

0

1

1

0

2

7,567

0.13

0.24

Livingston

0

0

0

1

0

1

24,023

0.04

0.07

Madison

0

0

0

1

0

1

28,646

0.04

0.06

Monroe

0

0

12

95

49

156

1,951

0.51

0.91

Montgomery

0

0

2

1

0

3

7,507

0.13

0.24

Nassau

0

0

105

561

12

678

676

1.48

2.64

New York

0

0

11

56

2

69

11,567

0.09

0.15

Niagara

0

0

3

12

47

62

1,544

0.65

1.16

Oneida

0

0

6

0

0

6

17,134

0.06

0.10

Onondaga

0

0

128

6

0

134

1,467

0.68

1.22

Ontario

0

0

1

2

0

3

14,216

0.07

0.13

Orange

0

0

2

71

0

73

1,682

0.59

1.06

Oswego

0

0

2

0

0

2

26,416

0.04

0.07

Otsego

0

0

3

1

0

4

7,120

0.14

0.25

Putnam

0

0

1

17

5

23

1,523

0.66

1.17

Queens

0

0

88

599

1

688

1,188

0.84

1.50

Rensselaer

0

0

1

2

1

4

16,530

0.06

0.11

Richmond

0

0

52

206

12

270

607

1.65

2.94

Rockland

0

0

29

98

0

127

748

1.34

2.39

Saint Lawrence

0

0

2

0

0

2

24,861

0.04

0.07

Saratoga

0

0

4

0

0

4

21,675

0.05

0.08

Schenectady

0

0

21

0

0

21

3,097

0.323

0.58

Schuyler

0

0

2

0

0

2

4,591

0.22

0.39

Seneca

0

0

0

0

0

0

0.00

0.00

Steuben

0

0

1

1

0

2

23,066

0.04

0.08

Suffolk

0

0

125

247

0

372

1,404

0.71

1.27

Sullivan

0

0

7

2

0

9

4,970

0.20

0.36

Tioga

0

0

0

0

0

0

0.00

0.00

Tompkins

0

0

0

0

0

0

0.00

0.00

Ulster

0

0

0

2

0

2

38,828

0.03

0.05

Warren

0

0

0

2

0

2

17,426

0.06

0.10

Washington

0

0

1

0

0

1

26,794

0.04

0.07

Wayne

0

0

0

0

0

0

0.00

0.00

Westchester

0

0

54

74

15

143

2,444

0.41

0.73

Yates

0

0

0

0

0

0

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 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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