New York Foreclosure Activity Down in 2011

Filings down 41 percent from 2010 and 48 percent from 2009

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 26,100 New York properties in 2011, down 41 percent from a year ago and 48 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The state posted the 45th highest foreclosure rate in the nation, with one in every 307 New York housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 1,811 New York properties in December, a 14 percent increase from November, but down 31 percent from December 2010. One in every 4,427 New York housing units received a foreclosure filing in December, the 43rd highest state foreclosure rate in the nation.

Orange County has top foreclosure rate honors in 2011
 One in every 110 housing units in Orange County received a foreclosure filing during 2011 — 2.8 times the state average. Nassau County had the second highest rate with one in every 115 housing units reporting a foreclosure filing — 2.7 times the state average. Putnam County had the third highest rate, reporting one in every 134 housing units with a foreclosure filing — 2.3 times the state average.

Kings County leads the state in foreclosure activity for 2011
 Kings County led the way, reporting 5,168 properties with foreclosure filings during 2011. Nassau County was second highest in the state, reporting 4,002 properties with foreclosure filings. Third highest total was tallied in Suffolk County, where 3,809 properties with foreclosure filings were reported. Reporting 1,921 properties with foreclosure filings for the year, Bronx County registered the fourth highest total in the state. Fifth highest was Queens County, where 1,839 properties with foreclosure filings were reported for 2011.

State a minor contributor to nation’s foreclosure total in 2011
 New York accounted for 1 percent of the 1,887,777 properties with foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent from the level reported for 2009. One in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

 

      New York Top Foreclosure Rates By County –2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

New York

26,100

0.33

307

0.22

n/a

 

 

 

 

 

 

Orange

1,237

0.91

110

0.63

2.80

Nassau

4,002

0.87

115

0.60

2.68

Putnam

272

0.74

134

0.51

2.29

Richmond

1,268

0.70

142

0.49

2.16

Suffolk

3,809

0.70

143

0.48

2.14

  

                  New York Top Foreclosure Totals By County –2011

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

New York

26,100

0.33

307

-40.56

-48.18

 

 

 

 

 

 

Kings

5,168

0.53

189

-22.74

-12.84

Nassau

4,002

0.87

115

-19.67

-34.00

Suffolk

3,809

0.70

143

-53.11

-49.76

Bronx

1,921

0.37

267

-23.65

-25.80

Queens

1,839

0.22

460

-62.65

-77.70

 

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