NEW YORK STATE AND NEW YORK CITY FORECLOSURES DROP 27 PERCENT ACCORDING TO REALTYTRAC™ SEPTEMBER U.S. FORECLOSURE MARKET REPORT
New Jersey Foreclosures Show Significant Increase
Irvine, Calif. – October 25, 2005 – After spiking sharply upwards in August, New York City foreclosures in September decreased dramatically, according to the RealtyTrac™ September U.S. Foreclosure Market Report. The city’s five boroughs reported 1,623 properties entering some stage of foreclosure, 600 fewer than were reported in August.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
With one foreclosure for every 1,972 households in the five boroughs, the New York City’s foreclosure rates stayed second lowest among the nation’s five largest metropolitan areas for the fourth consecutive month, with only Los Angeles reporting a lower rate. Dallas-Fort Worth, Chicago and Philadelphia foreclosure rates were all higher.
“It appears that the vibrancy of the New York real estate market has reversed the recent increase in foreclosures,” said James J. Saccacio, RealtyTrac chief executive officer. “Like Los Angeles, New York foreclosure rates have been consistently low compared to other major metropolitan areas this year.”
All five boroughs, as well as surrounding New York counties, reported fewer foreclosures in August. With only 45 properties entering some stage of foreclosure, Manhattan foreclosures declined by 29 percent. The borough’s foreclosure rate, already extremely low, dropped to less than one-fifth of the state average.
The city’s four other boroughs all documented foreclosure rates above the state average of one foreclosure for every 3,080 households. Staten Island foreclosures continued to register the highest rate among the five boroughs — one foreclosure for every 1,123 households — despite a 39 percent decline in foreclosures reported.
Suffolk County experienced a 46 percent decline in foreclosures, with a total of 266 properties entering some stage of foreclosure. There were 207 Nassau County foreclosures in September, a 44 percent drop and one foreclosure for every 2,213 households. Still, the foreclosure rates in both counties were above the state average.
With 2,493 properties entering some stage of foreclosure statewide, New York foreclosures recorded a 27 percent decrease. The state’s foreclosure rate was about half the national average. Nationwide, a total of 68,646 properties entered some stage of foreclosure in September, a 9.2 percent slide from the previous month and one foreclosure for every 1,685 households.
In contrast, New Jersey foreclosures showed a 60 percent increase in September, raising the state’s foreclosure rate above the national average. And for the New Jersey counties around New York — Bergen, Hudson, Essex and Union — foreclosures also increased. With one foreclosure for every 791 households, Union County documented the highest foreclosure rate among those counties.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
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About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, 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 and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to MSN House & Home, Yahoo! Real Estate and HomeGain as well as the foreclosure data provider to AOL Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations