New York Foreclosure Activity Drops in November

Statewide filings down 3 percent from October

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,587 New York properties in November, a 3 percent decrease from October and 43 percent below the level reported for November 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

New York had the 43rd highest foreclosure rate in the nation, reporting one in every 5,052 housing units with a foreclosure filing in November.

Nassau County posts top foreclosure rate in the state for November
 One in every 1,786 housing units in Nassau County had a foreclosure filing in November – 2.8 times the state average — the highest foreclosure rate of all New York counties for the month. Richmond County had the second highest rate of one in every 2,339 housing units with a foreclosure filing during the month — 2.2 times the state average. Putnam County had the third highest rate of one in every 2,436 housing units with a foreclosure filing during the month — twice the state average.

Kings County has the highest foreclosure total in November
 Kings County tallied the highest level of foreclosure activity in the state, reporting 304 properties with foreclosure filings for the month. Nassau County had the second highest total, reporting 257 properties with foreclosure filings. Bronx County was third, reporting 142 properties with foreclosure filings. Fourth highest was Suffolk County, recording 141 properties with foreclosure filings. Westchester County was fifth highest, tallying 107 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in November
 New York accounted for 1 percent of the 224,394 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 3 percent from October and was down over 14 percent from the level reported in November 2010. One in every 579 U.S. housing units received a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Ohio and New York actually posted year-over-year increases in foreclosure activity in November.

“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August,” Saccacio continued. “Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”

 

New York Top Foreclosure Rates By County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

n/a

n/a

New York

0

1,024

0

345

218

1,587

5,052

0.11

n/a

 

 

 

 

 

 

 

 

 

 

Nassau

0

226

0

21

10

257

1,786

0.32

2.83

Richmond

0

59

0

11

7

77

2,339

0.25

2.16

Putnam

0

13

0

0

2

15

2,436

0.24

2.07

Rockland

0

37

0

0

3

40

2,491

0.23

2.03

Orange

0

22

0

12

18

52

2,612

0.22

1.93

 New York Top Foreclosure Totals by County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 11

% Chg Nov 10

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

-2.72

-14.46

New York

0

1,024

0

345

218

1,587

5,052

-3.17

-42.89

 

 

 

 

 

 

 

 

 

 

Kings

0

234

0

47

23

304

3,216

-8.71

-12.14

Nassau

0

226

0

21

10

257

1,786

-12.59

-3.38

Bronx

0

101

0

17

24

142

3,616

12.70

-8.97

Suffolk

0

103

0

29

9

141

3,872

-30.54

-82.48

Westchester

0

53

0

35

19

107

3,380

-23.02

-23.57

 

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