New York Foreclosure Activity Falls in August

Statewide  filings down 6 percent from July

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — fell in  New York, where 2,102 properties were reported in August, a 6 percent decrease  from July and 56 percent below the level reported for August 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

New York had  the 45th highest foreclosure rate in the country with one in every 3,814  housing units with a foreclosure filing in August.

Nassau County posts top foreclosure rate in the  state for August
  One in every 1,136 housing  units in Tooele County received a foreclosure filing in August — 3.4 times the  state average — the highest foreclosure rate of all New York counties for the  month. Orange County had the second highest rate of one in every 1,171 housing  units with a foreclosure filing during the month — 3.3 times the state average.  Putnam County had the third highest rate of one in every 1,405 housing units with  a foreclosure filing during the month — 2.7 times the state average.

Kings County has top foreclosure total in August
  Kings County led the  state in foreclosure activity, reporting 407 properties with foreclosure  filings for the month. Nassau County was second highest, reporting 404 properties  with foreclosure filings. Suffolk County was third, reporting 323 properties  with foreclosure filings. Fourth highest was Bronx County, recording 176  properties with foreclosure filings. Westchester County was fifth tallying 135  properties with a foreclosure filing.

State a minor contributor to total foreclosure  activity in August
  New York accounted for 1 percent  of the 228,098 properties with foreclosure filings reported nationwide in August.  Total U.S. activity increased by more than 7 percent from July, but was down nearly  33 percent from the level reported in August 2010. One in every 570 U.S. housing  units received a foreclosure filing during the month.

“The big increase in new foreclosure actions may be  a signal that lenders are starting to push through some of the foreclosures  delayed by robo-signing and other documentation problems,” said James Saccacio,  chief executive officer of RealtyTrac. “It also foreshadows more bank  repossessions in the coming months as these new foreclosures make their way  through the process.”

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: DefaultNotice  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 – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

n/a

n/a

New York

0

1,689

1

245

167

2,102

3,814

0.15

n/a

 

 

 

 

 

 

 

 

 

 

Nassau

0

358

0

26

20

404

1,136

0.50

3.36

Orange

0

102

0

6

8

116

1,171

0.49

3.26

Putnam

0

22

0

0

4

26

1,405

0.41

2.71

Richmond

0

98

0

3

7

108

1,668

0.34

2.29

Suffolk

0

271

0

32

20

323

1,690

0.34

2.26

 

 

        New York Top Foreclosure Totals by County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 11

% Chg Aug 10

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

7.21

-32.68

New York

0

1,689

1

245

167

2,102

3,814

-5.53

-56.27

 

 

 

 

 

 

 

 

 

 

Kings

0

369

0

25

13

407

2,402

10.30

-34.57

Nassau

0

358

0

26

20

404

1,136

2.54

-21.55

Suffolk

0

271

0

32

20

323

1,690

-14.78

-64.07

Bronx

0

145

0

20

11

176

2,917

-0.56

-35.29

Westchester

0

112

0

17

6

135

2,679

-2.17

-45.12

 

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