New York Foreclosure Activity Increases in October

Foreclosure filings up 4 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,823 New York properties in October, a 4 percent increase from the previous month, but still down 20 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“New York foreclosure activity increased slightly in October, though it remained well below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment — which appears stuck at 10 percent for now — continues to be a significant problem for the state and a major source of new foreclosure filings.”

 

One in every 2,087 New York housing units received a foreclosure filing in October, the 43rd highest foreclosure rate in the nation.

 

Rockland County posts state’s top foreclosure rate for October

Rockland County posted the highest county foreclosure rate in New York for the month, with one in every 417 housing units receiving a foreclosure filing during October — five times the state average. Putnam County registered the second highest foreclosure rate, with one in every 652 housing units receiving a foreclosure filing during the month — 3.2 times the state average. Suffolk County was third highest, with one in every 812 housing units receiving a foreclosure filing — 2.6 times the state average.

 

Suffolk County led the state in foreclosure activity in October

Suffolk County had the top foreclosure total, reporting 672 properties with foreclosure filings for the month. Kings County tallied the second highest foreclosure level in the state, reporting 591 properties with foreclosure filings. Third highest total was in Queens County, where 408 properties with foreclosure filings were reported. Fourth highest was Nassau County, where 341 properties with foreclosure filings were reported. Westchester County was in fifth, tallying 296 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

New York accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

New York

0

2,655

2

629

537

3,823

2,087

0.19

n/a

 

 

 

 

 

 

 

 

 

 

Rockland

0

233

0

1

4

238

417

0.93

5.00

Putnam

0

40

0

9

7

56

652

0.60

3.20

Suffolk

0

486

0

46

140

672

812

0.48

2.57

Richmond

0

152

0

34

13

199

900

0.43

2.32

Westchester

0

207

0

67

22

296

1,221

0.32

1.71

 

 

New York Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

New York

0

2,655

2

629

537

3,823

2,087

4.23

-20.30

 

 

 

 

 

 

 

 

 

 

Suffolk

0

486

0

46

140

672

812

75.46

-27.59

Kings

0

533

0

42

16

591

1,637

-3.90

8.64

Queens

0

322

1

58

27

408

2,061

24.01

-42.21

Nassau

0

329

0

7

5

341

1,344

-17.23

-31.53

Westchester

0

207

0

67

22

296

1,221

18.88

-12.94

 

 

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