New York City Foreclosures Decrease Slightly in June

 

 

NEW YORK CITY FORECLOSURES DECREASE SLIGHTLY IN JUNE

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

New York State Foreclosures Down 15 Percent

 

IRVINE, Calif. – July 18, 2006 – Foreclosure filings dipped less than one percent in the New York City metro area in June, marking the second straight month that the region’s foreclosure activity has remained relatively flat, according to the RealtyTrac™ 2006 Monthly U.S. Foreclosure Market Report. The 26-county metropolitan area recorded a total of 5,077 properties entering some stage of foreclosure, only 22 fewer than the previous month and a foreclosure rate of one new foreclosure filing for every 1,478 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 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‘s foreclosure rate is once again lowest among the nation’s top five metro areas thanks to a slight decrease in the region’s foreclosures coupled with increasing foreclosures in Los Angeles,” said James J. Saccacio, chief executive officer of RealtyTrac. “However it’s important to note that there are still pockets of above-average foreclosure rates throughout the greater metropolitan area.”

 

Among the nation’s five largest metropolitan areas, New York City was the only one to document a foreclosure rate below the national average. The metro area’s foreclosure rate was also below the foreclosure rates in Los Angeles, Philadelphia, Chicago and Dallas-Fort Worth.

 

New York City‘s five boroughs together reported 1,644 properties entering some stage of foreclosure in June, a decrease of 22 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 1,947 households. Foreclosure activity was down in all five boroughs.

 

Although Richmond County (Staten Island) reported the biggest percentage drop in foreclosures (38 percent), its foreclosure rate of one new foreclosure filing for every 785 households was still above the national average and continued to rank highest among the five boroughs.

 

With one new foreclosure filing for every 1,275 households, Kings County (Brooklyn) also documented a foreclosure rate above the national average. The borough reported 730 properties entering some stage of foreclosure, a 22 percent decrease from the previous month but still the most among the five boroughs.

 

New York County (Manhattan) continued to post the lowest foreclosure rate among the five boroughs — one new foreclosure filing for every 17,737 households. The borough reported 45 properties entering some stage of foreclosure in June, a 22 percent decrease from the previous month.

 

New York state reported 3,907 properties entering some stage of foreclosure in June, a 15 percent decrease from the previous month but still a 34 percent year-over-year increase from June 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,966 households stayed below the national average.

 

With 88,195 properties nationwide entering some stage of foreclosure in June, U.S. foreclosure activity decreased 5 percent from the previous month but was up 17 percent from June 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,311 households dropped to its lowest level of the year but was still higher than in any month last year.

 

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 – June 2006

 

State Name

NODs

NTSs

NFSs

LISs

REOs

Total

1 for every #households

%Change from previous month

US

21,866

38,382

2,966

9,598

15,383

88,195

1,311

-4.91

New York State

0

0

1,507

2,292

108

3,907

1,966

-15.25

New York  Metro

2,010

581

650

1,769

67

5,077

1,478

-0.431

Fairfield County, CT

252

17

0

0

1

270

1,257

70.886

New Haven County, CT

254

49

0

0

0

303

1,123

58.639

Bergen County, NJ

87

26

0

0

1

114

2,981

-4.202

Cumberland County, NJ

26

22

0

0

10

58

911

-6.452

Essex County, NJ

154

102

0

0

0

256

1,176

137.037

Hudson County, NJ

105

28

0

0

2

135

1,782

-50.368

Hunterdon County, NJ

9

6

0

0

0

15

3,002

0.000

Mercer County, NJ

47

32

0

0

5

84

1,587

5.000

Middlesex County, NJ

93

35

0

0

2

130

2,105

71.053

Monmouth County, NJ

189

53

0

0

1

243

991

63.087

Morris County, NJ

43

31

0

0

3

77

2,265

120.000

Ocean County, NJ

170

36

0

0

7

213

1,168

18.333

Passaic County, NJ

286

37

0

0

2

325

523

385.075

Somerset County, NJ

42

21

0

0

2

65

1,723

1.563

Sussex County, NJ

25

24

0

0

1

50

1,131

42.857

Union County, NJ

203

58

0

0

9

270

715

107.692

Warren County, NJ

25

4

0

0

1

30

1,372

-37.500

Bronx County, NY

0

0

64

197

0

261

1,880

-28.297

Kings County, NY

0

0

202

528

0

730

1,275

-22.009

New York (Manhattan) County, NY

0

0

21

23

1

45

17,737

-22.414

Putnam County, NY

0

0

2

1

1

4

8,758

-33.333

Queens County, NY

0

0

112

287

0

399

2,048

-1.966

Richmond County, NY

0

0

33

167

9

209

785

-37.982

Rockland County, NY

0

0

22

78

0

100

950

-18.033

Suffolk County, NY

0

0

133

415

0

548

953

-38.009

Westchester County, NY

0

0

61

73

9

143

2,444

-27.041

 

 

About RealtyTrac Inc.

Ranked as the fourth largest real estate site by Nielsen NetRatings, RealtyTrac Inc. (http://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 http://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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