New York Foreclosure Activity Decreased in Third Quarter

Total foreclosure filings decline 6 percent statewide from the second quarter

Default notices unchanged, auctions and REOs down for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 11,902 New York properties during the third quarter, a 6 percent decrease from the previous quarter and down 22 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, New York ranked 24th in the nation with 3,668 properties with foreclosure filings, a 24 percent decrease from the previous month and 34 percent below the level reported for the same month last year. One in every 2,175 New York housing units received a foreclosure filing in September, ranking the 42nd highest foreclosure rate among the 50 states.

 

New York foreclosures were down during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which fell 29 percent during the quarter. The state’s unemployment rate remains well below the national average, and home sales here were higher than most states earlier this year. These factors are definitely contributing to the overall decline.”

New York ranked 21st in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 670 housing units receiving a foreclosure filing during the quarter, ranked it 42nd among the 50 states.

Orange County led state with top foreclosure rate in third quarter

Orange County posted the highest foreclosure rate in New York during the third quarter of 2010, where one in every 171 housing units received a foreclosure filing — 3.9 times the state average. Putnam County posted the second highest foreclosure rate, where one in every 187 housing units received a foreclosure filing during the period — 3.6 times the state average. Richmond County documented the third highest foreclosure rate, where one in every 266 housing units received a foreclosure filing — 2.5 times the state average.

 

Suffolk County posts state’s top foreclosure total for third quarter

Suffolk County dominated, reporting 1,868 properties with foreclosure filings for the quarter. Kings County was second, reporting 1,797 properties with foreclosure filings. Nassau County was third, tallying 1,345 properties with foreclosure filings. Queens County was fourth highest, reporting 1,187 properties with foreclosure filings. Orange County came in last for the state’s top five, reporting 790 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in New York. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

New York Top Foreclosure Rates By County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

New York

0

8,124

0

2,311

1,467

11,902

670

0

n/a

 

 

 

 

 

 

 

 

 

 

Orange

0

613

0

146

31

790

171

0.81

3.92

Putnam

0

148

0

24

23

195

187

0.74

3.58

Richmond

0

477

0

125

71

673

266

0.52

2.52

Suffolk

0

1,388

0

203

277

1,868

292

0.47

2.30

Nassau

0

1,304

0

21

20

1,345

341

0.41

1.97

 

 

New York Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

New York

0

8,124

0

2,311

1,467

11,902

670

-6.20

-21.91

 

 

 

 

 

 

 

 

 

 

Suffolk

0

1,388

0

203

277

1,868

292

-26.31

-20.58

Kings

0

1,658

0

91

48

1,797

539

-2.76

9.11

Nassau

0

1,304

0

21

20

1,345

341

-7.50

-30.13

Queens

0

828

0

264

95

1,187

708

-9.39

-53.69

Orange

0

613

0

146

31

790

171

196.99

293.03

 

 

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