NEW YORK CITY FORECLOSURES INCH HIGHER IN MAY ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
Increased Foreclosures in Brooklyn and Suffolk County Bump Area’s Foreclosure Rate From its Position as Lowest among Nation’s Top Metros
Irvine, Calif. – June 26, 2006 – Foreclosure filings increased by two percent in the New York City metropolitan area in May, ending a five-month stretch in which the region’s foreclosure rate ranked lowest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ 2006 Monthly U.S. Foreclosure Market Report. The 26-county metropolitan area recorded a total of 5,099 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 1,472 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.
“Although foreclosure activity increased only slightly in the New York metro area, that was enough to push the city’s foreclosure rate above that of Los Angeles, which reported a drop in foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “Nevertheless, the area’s foreclosure rate remains below the national average, a good sign for local housing markets.”
The metro area’s foreclosure rate remained below the foreclosure rates in Philadelphia, Chicago and Dallas-Fort Worth for the sixth month in a row.
New York City’s five boroughs together reported 2,102 properties entering some stage of foreclosure in May, an increase of less than 1 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 1,522 households. All the boroughs except for Brooklyn (Kings County) reported decreasing foreclosure activity.
Brooklyn reported 936 properties entering some stage of foreclosure, a 20 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 995 households — 1.3 times the national average.
Staten Island (Richmond County) documented the highest foreclosure rate among the five boroughs even though foreclosure activity decreased 3 percent there. The borough reported 337 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 487 households — 2.6 times the national average.
The foreclosure rate in Suffolk County was also more than twice the national average thanks in part to a 38 percent increase in foreclosure activity. The county reported 884 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 591 households.
New York state reported 4,610 properties entering some stage of foreclosure in May, a 9 percent increase from the previous month and a 32 percent year-over-year increase from May 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,666 households stayed below the national average.
Nationwide a total of 92,746 properties entered some stage of foreclosure in May, an increase of less than 2 percent from the previous month but still a 28 percent year-over-year increase from May 2005, and the nation documented a foreclosure rate of one new foreclosure filing for every 1,247 U.S. households. May’s increase ended two months of declining foreclosure activity nationwide.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and in the nation’s five largest Metropolitan Statistical Areas over the preceding month. 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 re-purchased by a bank).
New York City Area Foreclosure Market Statistics by County – May 2006
1 in every #households
|%Change prev. month|
|New York State||0||0||1,807||2,621||182||4,610||1,666||9.35|
|New York City||1,419||277||1,152||2,136||115||5,099||1,472||1.594|
|Fairfield County, CT||158||0||0||0||0||158||2,148||-51.385|
|New Haven County, CT||189||2||0||0||0||191||1,782||-46.797|
|Bergen County, NJ||84||28||0||0||7||119||2,856||164.444|
|Cumberland County, NJ||54||2||0||0||6||62||853||72.222|
|Essex County, NJ||64||39||0||0||5||108||2,787||-59.851|
|Hudson County, NJ||246||15||0||0||11||272||885||677.143|
|Hunterdon County, NJ||11||4||0||0||0||15||3,002||-42.308|
|Mercer County, NJ||27||28||0||0||25||80||1,666||12.676|
|Middlesex County, NJ||39||35||0||0||2||76||3,600||8.571|
|Monmouth County, NJ||123||25||0||0||1||149||1,617||11.194|
|Morris County, NJ||28||6||0||0||1||35||4,982||45.833|
|Ocean County, NJ||159||11||0||0||10||180||1,382||-6.736|
|Passaic County, NJ||46||18||0||0||3||67||2,538||-6.944|
|Somerset County, NJ||48||15||0||0||1||64||1,750||-5.882|
|Sussex County, NJ||20||9||0||0||6||35||1,615||25.000|
|Union County, NJ||86||32||0||0||12||130||1,484||-41.964|
|Warren County, NJ||37||8||0||0||3||48||857||54.839|
|Bronx County, NY||0||0||134||228||2||364||1,348||-3.191|
|Kings County, NY||0||0||288||645||3||936||995||20.308|
|New York (Manhattan) County, NY||0||0||30||27||1||58||13,761||-10.769|
|Putnam County, NY||0||0||2||2||2||6||5,838||-62.500|
|Queens County, NY||0||0||130||274||3||407||2,008||-22.917|
|Richmond County, NY||0||0||131||199||7||337||487||-3.161|
|Rockland County, NY||0||0||27||95||0||122||778||46.988|
|Suffolk County, NY||0||0||339||545||0||884||591||38.125|
|Westchester County, NY||0||0||71||121||4||196||1,783||12.000|
About RealtyTrac Inc.
Ranked as the fourth largest real estate site by Nielsen NetRatings, 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 and new construction properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and has been chosen to supply foreclosure data to AOL, MSN Real Estate and Yahoo Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations