NEW YORK FORECLOSURES INCREASE 3 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Down 8 Percent From a Year Ago

 

IRVINE, Calif. – June 15, 2007 – New York reported 4,223 foreclosure filings in May, a 3 percent increase from the previous month, and an 8 percent decrease from May 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.

 

Although New York foreclosures increased slightly in May, the numbers are down from May of last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Recent statistics show that home sales throughout the state have increased while most other states show a decline. This is likely contributing to the overall decrease.”

 

New York ranked 13th in the country in total foreclosures reported for May. The state’s foreclosure rate of one foreclosure filing for every 1,818 households ranked it 30th among the 50 states.

 

Queens County accounts for largest share of state total

Queens County reported the highest foreclosure total for the month, reporting 895 foreclosure filings. Kings County posted the second highest foreclosure total, with 503 foreclosure filings. Nassau County reported the third highest foreclosure total, with 399 foreclosure filings. Suffolk County reported the fourth highest foreclosure total, with 371 foreclosure filings, followed by Bronx County with 340 foreclosure filings.

 

Rockland County posts highest foreclosure rate

Rockland County posted the highest foreclosure rate in New York for May, reporting one foreclosure filing for every 605 households — three times the state average and 1.1 times the national average. Schenectady County reported the second highest foreclosure rate, with one foreclosure filing for every 631 households — 2.9 times the state average. Putnam County posted the third highest foreclosure rate, with one foreclosure filing for every 876 households — 2.1 times the state average. Queens County reported the fourth highest foreclosure rate, with one foreclosure for every 913 households — twice the state average. Richmond County posted the fifth highest foreclosure rate, with one filing for every 965 households — 1.9 times the state average.

 

State contributes 2 percent to national total

Total foreclosure filings in New York accounted for 2 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

New York

0

7

806

3,227

183

4,223

1,818

0.36

n/a

 

 

 

 

 

 

 

 

 

 

Albany

0

0

28

89

0

117

1,111

0.59

1.64

Allegany

0

0

1

0

0

1

24,505

0.03

0.07

Bronx

0

0

61

279

0

340

1,443

0.45

1.26

Broome

0

0

16

2

0

18

4,934

0.13

0.37

Cayuga

0

0

2

1

0

3

11,826

0.06

0.15

Chautauqua

0

0

1

0

0

1

64,900

0.01

0.03

Chemung

0

0

2

1

0

3

12,582

0.52

0.15

Chenango

0

0

1

0

0

1

23,890

0.03

0.08

Clinton

0

0

0

0

0

0

n/a

0.00

0.00

Columbia

0

0

2

0

0

2

15,104

0.04

0.12

Cortland

0

0

1

0

0

1

20,116

0.03

0.09

Delaware

0

0

0

0

0

0

n/a

0.00

0.00

Dutchess

0

0

48

13

0

61

1,739

0.38

1.05

Erie

0

1

81

3

1

86

4,836

0.14

0.38

Essex

0

1

1

0

0

2

11,558

0.06

0.16

Franklin

0

0

1

0

0

1

23,936

0.03

0.08

Fulton

0

0

0

0

0

0

n/a

0.00

0.00

Genesee

0

0

6

0

0

6

4,032

0.16

0.45

Greene

0

0

3

0

0

3

8,848

0.07

0.21

Herkimer

0

0

1

0

0

1

32,206

0.02

0.06

Jefferson

0

0

0

0

0

0

n/a

0.00

0.00

Kings

0

0

60

443

0

503

1,851

0.35

0.98

Lewis

0

0

0

0

0

0

n/a

0.00

0.00

Livingston

0

0

1

0

0

1

24,023

0.03

0.08

Madison

0

0

0

1

0

1

28,646

0.02

0.06

Monroe

0

1

15

152

84

252

1,208

0.54

1.51

Montgomery

0

0

2

0

0

2

11,261

0.06

0.16

Nassau

0

0

71

283

45

399

1,148

0.57

1.58

New York

0

0

7

106

0

113

7,063

0.09

0.26

Niagara

0

1

19

43

7

70

1,367

0.48

1.33

Oneida

0

0

8

1

0

9

11,423

0.06

0.16

Onondaga

0

2

57

1

0

60

3,277

0.20

0.56

Ontario

0

0

5

0

0

5

8,529

0.08

0.21

Orange

0

0

25

19

0

44

2,790

0.24

0.65

Orleans

0

0

5

2

0

7

2,478

0.26

0.73

Oswego

0

0

4

1

6

11

4,803

0.14

0.38

Putnam

0

0

20

12

8

40

876

0.75

2.08

Queens

0

0

89

806

0

895

913

0.72

1.99

Rensselaer

0

0

29

4

0

33

2,004

0.33

0.91

Richmond

0

0

12

151

7

170

965

0.68

1.89

Rockland

0

0

7

148

2

157

605

1.09

3.01

Saint Lawrence

0

1

0

0

0

1

49,721

0.01

0.04

Saratoga

0

0

6

0

0

6

14,450

0.05

0.13

Schenectady

0

0

6

97

0

103

631

1.04

2.88

Schoharie

0

0

4

0

0

4

3,979

0.17

0.46

Schuyler

0

0

0

0

0

0

n/a

0.00

0.00

Seneca

0

0

0

1

0

1

14,794

0.04

0.12

Steuben

0

0

0

0

0

0

n/a

0.00

0.00

Suffolk

0

0

41

330

0

371

1,408

0.47

1.29

Sullivan

0

0

7

0

0

7

6,390

0.10

0.29

Tioga

0

0

0

1

0

1

21,410

0.03

0.09

Tompkins

0

0

0

0

0

0

n/a

0.00

0.00

Ulster

0

0

14

5

0

19

4,087

0.16

0.45

Warren

0

0

4

0

0

4

8,713

0.08

0.21

Washington

0

0

5

1

0

6

4,466

0.15

0.41

Wayne

0

0

17

2

0

19

2,040

0.32

0.89

Westchester

0

0

8

229

23

260

1,344

0.49

1.36

Wyoming

0

0

1

0

0

1

16,940

0.04

0.11

Yates

0

0

1

0

0

1

12,064

0.05

0.15

 

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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