NEW YORK CITY FORECLOSURES DECREASE 16 PERCENT ACCORDING TO REALTYTRAC™ FEBRUARY U.S. FORECLOSURE MARKET REPORT
New York City Foreclosure Rate Remains Lowest of Nation’s Top Five Metro Areas. New York State Foreclosures Down 12 Percent
Irvine, Calif. – March 30, 2006 – New York City foreclosures decreased 16 percent in February, keeping the area’s foreclosure rate well below the national average and lowest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ Monthly U.S. Foreclosure Market Report. The 26-county New York metropolitan area recorded a total of 5,276 properties entering some stage of foreclosure in February, a foreclosure rate of one new foreclosure for every 1,423 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.
“February’s decrease represents a healthy correction from a gradual rise in New York City foreclosures filings over the past few months,” said James J. Saccacio, chief executive officer of RealtyTrac. “This pullback suggests that the region’s housing market continues to be resilient in the face of rising interest rates and slowing home price appreciation.”
For the third 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. Out of these five largest metropolitan areas, New York and Los Angeles were the only two with foreclosure rates below the national average.
Manhattan continued to document the lowest foreclosure rate among the five boroughs despite a 17 percent increase in foreclosures in February. New York County reported 61 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure for every 13,084 households.
The other four boroughs all documented decreasing foreclosures in February. Queens reported 367 properties entering some stage of foreclosure, a 59 percent decrease; Brooklyn reported 745 properties entering some stage of foreclosure, a 31 percent decrease; the Bronx reported 255 properties entering some stage of foreclosure, a 22 percent decrease; and Staten Island reported 236 properties entering some state of foreclosure, a 14 percent decrease. Staten Island was the only borough to report a foreclosure rate above the national average.
The New York state foreclosure rate continued to register below the national average in February. The state reported 4,595 properties entering some stage of foreclosure, a 12 percent decrease from the previous month and a foreclosure rate of one new foreclosure for every 1,671 households.
A total of 117,259 U.S. properties entered some stage of foreclosure in February, a 13 percent increase from the previous month and a 68 percent increase from February 2005. The nation registered a foreclosure rate of one new foreclosure for every 986 households.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides 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|
|District of Columbia||0||2||0||0||5||7||39,264||0|
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