New York Foreclosure Activity Rises in August

Filings increase 37 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,807 New York properties in August, a 37 percent increase from the previous month, but a 10 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“New York reported another surge in foreclosure filings in August, though activity remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state rose slightly in August to 8.3 percent, possibly contributing to higher foreclosure activity, but it still remains well below the national average.”

 

The state reported the 40th highest state foreclosure rate, as one in every 1,660 New York housing units received a foreclosure filing during the month.

 

Orange County leads the state in foreclosure rate for August

Orange County, where one in every 215 housing units received a foreclosure filing during the month, posted the top foreclosure rate in the state. One in every 607 housing units received a foreclosure filing in Suffolk County, for the second highest rate in the state. Coming in third was Putnam County, where one in every 619 housing units received a foreclosure filing in August. Fourth highest was Richmond County, where one in every 776 housing units received a foreclosure filing. Nassau County came in fifth, with one in every 890 housing units receiving a foreclosure filing during the month.

 

State’s top foreclosure total for August posted in Suffolk County

Suffolk County led the state in total foreclosure activity for August, reporting 899 properties with foreclosure filings. Second highest was Orange County, where 628 properties with foreclosure filings were reported. Kings County came in third, tallying 622 properties with foreclosure filings. Fourth highest was Nassau County, where 515 properties with foreclosure filings were reported. Queens County came in fifth, reporting 469 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

New York accounted for 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August  2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

New York

0

3,608

0

667

532

4,807

1,660

0.23

n/a

 

 

 

 

 

 

 

 

 

 

Orange

0

574

0

43

11

628

215

1.77

7.72

Suffolk

0

727

0

67

105

899

607

0.63

2.73

Putnam

0

47

0

7

5

59

619

0.62

2.68

Richmond

0

170

0

37

24

231

776

0.49

2.14

Nassau

0

503

0

6

6

515

890

0.43

1.87

 

 

New York Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

New York

0

3,608

0

667

532

4,807

1,660

36.83

-10.15

 

 

 

 

 

 

 

 

 

 

Suffolk

0

727

0

67

105

899

607

51.35

3.57

Orange

0

574

0

43

11

628

215

823.53

638.82

Kings

0

596

0

8

18

622

1,556

12.27

-10.25

Nassau

0

503

0

6

6

515

890

25.61

-24.60

Queens

0

388

0

35

46

469

1,793

21.19

-49.84

 

 

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