NEW YORK CITY FORECLOSURES DOWN 12 PERCENT IN GREATER METRO AREA ACCORDING TO REALTYTRAC™ APRIL U.S. FORECLOSURE MARKET REPORT
Area’s Foreclosure Rate Still Lowest Among Nation’s Five Largest Metros, But Rates For The Five Borough Increase By 24 Percent
Irvine, Calif. – May 16, 2006 – Foreclosure filings decreased 12 percent in the 26-county New York City metropolitan area in April, but the city’s five boroughs all reported increasing foreclosure activity, according to the RealtyTrac™ April 2006 U.S. Foreclosure Market Report. The greater metropolitan area recorded a total of 5,019 properties entering some stage of foreclosure in April, a foreclosure rate of one foreclosure filing for every 1,495 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 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.
“The divergent foreclosure trends within the New York City metro area demonstrate that the region comprises many distinct micro-regions, each with a different combination of socioeconomic forces that are shaping its housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “But, despite a few pockets where foreclosure rates registered above the national average, the greater metropolitan area continues to post a foreclosure rate below the national average and below the foreclosure rates in the nation’s other top metro areas.”
For the fifth month in a row, the New York metropolitan area documented a foreclosure rate lower than the foreclosure rates in Los Angeles, Chicago, Philadelphia and Dallas-Fort Worth. The region’s foreclosure rate was about two-thirds of the national average.
The city’s five boroughs reported a combined total of 2,095 properties entering some stage of foreclosure in April, a 24 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 1,527 households. With 528 properties entering some stage of foreclosure, Queens registered the biggest increase among the five boroughs, but the borough’s foreclosure rate of one foreclosure filing for every 1,548 households stayed below the national average. Manhattan and the Bronx also documented foreclosure rates below the national average despite increasing foreclosures.
Brooklyn and Staten Island both documented foreclosure rates above the national average in April. Kings County (Brooklyn) recorded 778 properties entering some stage of foreclosure, a 3 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 1,196 households. Richmond County (Staten Island) recorded 348 properties entering some stage of foreclosure, a 48 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 471 households — 2.7 times the national average.
In contrast, foreclosure activity decreased in most of the other counties in the metropolitan area, including Putnam and Rockland counties in New York and Bergen, Essex and Hudson counties in New Jersey.
Foreclosures decreased 6 percent in New York state, where 4,216 properties entered some stage of foreclosure. The state’s foreclosure rate of one foreclosure filing for every 1,822 households stayed below the national average.
Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. April marked the second straight month of decreasing U.S foreclosure activity, but the nation’s April foreclosure rate of one foreclosure filing for every 1,268 households was still higher than in any month in 2005.
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 foreclosed on and repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|New York State||0||0||1,600||2,287||329||4,216||1,822||6|
|New York City||1,520||392||1,215||1,770||122||5,019||1,495||-12|
|Fairfield County, CT||320||5||0||0||0||325||1,044||56|
|New Haven County, CT||344||9||0||0||6||359||948||40|
|Bergen County, NJ||34||7||0||0||4||45||7,552||-79|
|Cumberland County, NJ||10||22||0||0||4||36||1,468||-68|
|Essex County, NJ||154||85||0||0||30||269||1,119||-46|
|Hudson County, NJ||20||14||0||0||1||35||6,875||-68|
|Hunterdon County, NJ||19||5||0||0||2||26||1,732||-57|
|Mercer County, NJ||27||33||0||0||11||71||1,877||-47|
|Middlesex County, NJ||37||32||0||0||1||70||3,909||-60|
|Monmouth County, NJ||99||34||0||0||1||134||1,798||-53|
|Morris County, NJ||20||4||0||0||0||24||7,266||-57|
|Ocean County, NJ||151||34||0||0||8||193||1,289||-37|
|Passaic County, NJ||36||35||0||0||1||72||2,362||-45|
|Somerset County, NJ||55||8||0||0||5||68||1,647||-28|
|Sussex County, NJ||16||10||0||0||2||28||2,019||-50|
|Union County, NJ||157||48||0||0||19||224||861||-25|
|Warren County, NJ||21||7||0||0||3||31||1,328||-56|
|Bronx County, NY||0||0||165||211||0||376||1,305||17|
|Kings County, NY||0||0||265||508||5||778||1,196||3|
|New York (Manhattan) County, NY||0||0||39||25||1||65||12,279||30|
|Putnam County, NY||0||0||1||12||3||16||2,189||-54|
|Queens County, NY||0||0||184||341||3||528||1,548||59|
|Richmond County, NY||0||0||159||188||1||348||471||48|
|Rockland County, NY||0||0||37||39||7||83||1,144||-61|
|Suffolk County, NY||0||0||298||340||2||640||816||15|
|Westchester County, NY||0||0||67||106||2||175||1,997||16|
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 600,000 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 Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations