NEW YORK CITY FORECLOSURES DECREASE 16 PERCENT IN JULY

Manhattan Foreclosures Spike 400 Percent

New York State Foreclosures Down 11 Percent

 

IRVINE, Calif. – Aug. 22, 2006 – Foreclosure filings in the New York City metropolitan area decreased 16 percent in July, helping to keep the area’s foreclosure rate well below the national average and lowest among the country’s five major metropolitan areas, according to the RealtyTrac™ 2006 U.S. Foreclosure Market Report. The 26-county metropolitan area recorded a total of 4,262 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 1,761 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 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.

 

New York City documented the lowest foreclosure rate among five major metropolitan areas analyzed by RealtyTrac. Foreclosure rates in Dallas-Fort Worth, Chicago, Los Angeles and Philadelphia were all higher than the foreclosure rate in New York City.

 

“Foreclosures in New York City have stayed at impressively low levels this year despite higher interest rates and a cooling housing market,” said James J. Saccacio. “That is a testament to the resilience of the region’s housing market, which continues to post home price appreciation increases above the national average. The area’s low unemployment rate has also helped keep foreclosure rates in check.”

 

Foreclosure activity declined in New York City‘s five boroughs, but at a slower pace than the greater metropolitan area as a whole. The five boroughs together reported 1,599 properties entering some stage of foreclosure, a decrease of 3 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 2002 households — still below the national average.

 

New York County (Manhattan) continued to document the lowest foreclosure rate among the five boroughs despite a spike in foreclosure activity. The borough reported 225 properties entering some stage of foreclosure, five times the number reported in the previous month and a foreclosure rate of one new foreclosure filing for every 3,547 households.

 

“While the big jump in Manhattan foreclosures indicates that the borough may not be able to maintain its rock-bottom foreclosure rate, there are many variables that can cause month-to-month fluctuations like this,” Saccacio noted. “If we see similar numbers for the next two or three months, we’ll know that this is a definite upward trend and not just a one-month anomaly.”

 

Foreclosure activity also increased in Richmond County (Staten Island), where 239 properties entered some stage of foreclosure during the month. The borough’s foreclosure rate of one new foreclosure filing for every 686 households was highest among the boroughs and 1.8 times the national average.

 

The other three boroughs all reported declining foreclosure activity and foreclosure rates below the national average.

 

New York State reported 3,484 properties entering some stage of foreclosure, an 11 percent decrease from the previous month but still a 10 percent year-over-year increase from July 2005. The state’s foreclosure rate of one new foreclosure filing for every 2,204 households stayed below the national average.

 

After hitting its lowest point year to date in June, U.S. foreclosure activity bounced 5 percent higher in July, with 92,845 properties entering some stage of foreclosure during the month — a foreclosure rate of one new foreclosure filing for every 1,245 households.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the New York City Metropolitan Statistical Area 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 – July 2006

 

State Name

NODs

NTSs

NFSs

LISs

REOs

Total

1 for every #households

%Change from previous month

US

20,202

38,173

4,795

13,295

16,380

92,845

1,245

5.27

New York State

0

0

1,145

2,230

109

3,484

2,204

-10.83

New York  Metro

1,521

387

524

1,729

101

4,262

1,761

-16.053

Fairfield County, CT

130

48

0

0

1

179

1,896

-33.704

New Haven County, CT

183

37

0

0

0

220

1,547

-27.393

Bergen County, NJ

65

14

0

0

8

87

3,906

-23.684

Cumberland County, NJ

53

18

0

0

9

80

661

37.931

Essex County, NJ

219

64

0

0

13

296

1,017

15.625

Hudson County, NJ

36

13

0

0

0

49

4,911

-63.704

Hunterdon County, NJ

25

7

0

0

2

34

1,324

126.667

Mercer County, NJ

54

20

0

0

5

79

1,687

-5.952

Middlesex County, NJ

77

22

0

0

3

102

2,683

-21.538

Monmouth County, NJ

135

35

0

0

0

170

1,417

-30.041

Morris County, NJ

29

11

0

0

6

46

3,791

-40.260

Ocean County, NJ

146

32

0

0

5

183

1,359

-14.085

Passaic County, NJ

70

22

0

0

2

94

1,809

-71.077

Somerset County, NJ

39

12

0

0

6

57

1,965

-12.308

Sussex County, NJ

31

8

0

0

3

42

1,346

-16.000

Union County, NJ

197

19

0

0

8

224

861

-17.037

Warren County, NJ

32

5

0

0

1

38

1,083

26.667

Bronx County, NY

0

0

42

159

1

202

2,429

-22.605

Kings County, NY

0

0

143

418

0

561

1,659

-23.151

New York (Manhattan) County, NY

0

0

11

211

3

225

3,547

400.000

Putnam County, NY

0

0

0

0

3

3

11,677

-25.000

Queens County, NY

0

0

102

270

0

372

2,197

-6.767

Richmond County, NY

0

0

53

181

5

239

686

14.354

Rockland County, NY

0

0

5

95

0

100

950

0.000

Suffolk County, NY

0

0

135

311

0

446

1,171

-18.613

Westchester County, NY

0

0

33

84

17

134

2,608

-6.294

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 construction properties, with more than 1 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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