NEW YORK FORECLOSURES DECREASE 20 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity 45 Percent Higher Than a Year Ago

 

IRVINE, Calif. – Oct. 11, 2006 – New York reported 3,622 properties entering some stage of the foreclosure process in September, a 20 percent decrease in activity from the 4,537 properties reported in August, but still a 45 percent increase above the 2,493 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“The New York economy is maintaining a steady pace of job growth, which could account for the slight decrease in foreclosures last month,” said James J. Saccacio, chief executive officer of RealtyTrac. “Borrowers, however, with adjustable-rate mortgages, and less creditworthy borrowers in particular, may be more vulnerable to the effects of ‘payment shock’ should their mortgage interest rates (or payments) reset at higher levels.”

 

New York ranked 10th in the country in total foreclosures reported for September. The state’s foreclosure rate of one new foreclosure filing for every 2,120 households — half of the national average — ranks it 26th among the 50 states.

 

Top four counties account for largest share of state total

Four counties accounted for 57 percent of all foreclosures in the state of New York for September. Leading the state in foreclosures for the month was Queens County, reporting 692 properties entering some stage of the foreclosure process. Nassau County had the second highest total, reporting 523 properties entering some stage of the foreclosure process, followed by Kings County, where 503 properties entered some stage of the foreclosure process. Suffolk County came in fourth, reporting 345 properties in some stage of the foreclosure process. Other significant foreclosure levels were found in Monroe County reporting 278 properties, Bronx County reporting 212 properties, Richmond County reporting 210 properties and Erie County reporting 180 properties in the foreclosure pipeline during the month.

 

Highest foreclosure rate reported in Richmond County

Richmond County posted the state’s highest foreclosure rate in September, with one new foreclosure filing for every 781 households — 2.7 times the state average and 1.3 times the national average.  Reporting one new foreclosure filing for every 876 households — 2.4 times the state average and 1.2 times the national average — Nassau County had the second highest foreclosure rate in the state. Completing the top five were Monroe County reporting one new foreclosure filing for every 1,095 households, Chemung County reporting one new foreclosure filing for every 1,398 households and Suffolk County reporting one new foreclosure filing for every 1,514 households.

 

State makes major contribution to national total

New York’s foreclosure activity accounted for 3percent of the 112,210 properties entering some stage of the foreclosure process nationwide in September. The national total represents a 1 percent decrease in the activity from the 113,300 foreclosures reported in August. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,030 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

               New York Foreclosure Market by County – September 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

New York

0

0

1,204

2,101

317

3,622

2,120

0.49

 

 

 

 

 

 

 

 

 

 

Albany

0

0

20

4

0

24

5,416

0.19

0.39

Allegany

0

0

3

0

0

3

8,168

0.13

0.26

Bronx

0

0

53

159

0

212

2,314

0.45

0.92

Broome

0

0

16

0

0

16

5,551

0.19

0.38

Cattaraugus

0

0

0

0

1

1

39,839

0.03

0.05

Cayuga

0

0

3

0

0

3

11,826

0.09

0.18

Chautauqua

0

0

3

0

0

3

21,633

0.05

0.10

Chemung

0

0

27

0

0

27

1,398

0.74

1.52

Chenango

0

0

0

0

1

1

23,908

0.04

0.09

Clinton

0

0

1

0

0

1

33,091

0.03

0.06

Columbia

0

0

5

0

0

5

6,041

0.17

0.35

Cortland

0

0

1

0

0

1

20,116

0.05

0.11

Delaware

0

0

0

0

0

0

0.00

0.00

Dutchess

0

0

12

22

0

34

3,121

0.33

0.68

Erie

0

0

95

2

83

180

2,310

0.45

0.92

Essex

0

0

0

0

0

0

0.00

0.00

Fulton

0

0

1

0

1

2

13,894

0.07

0.15

Genesee

0

0

12

0

0

12

2,016

0.51

1.05

Greene

0

0

0

0

0

0

0.00

0.00

Herkimer

0

0

2

0

0

2

16,103

0.06

0.13

Jefferson

0

0

6

0

0

6

9,012

0.11

0.24

Kings

0

0

102

401

0

503

1,851

0.56

1.15

Livingston

0

0

0

1

0

1

24,023

0.04

0.09

Madison

0

0

3

0

0

3

9,549

0.11

0.22

Monroe

0

0

100

53

125

278

1,095

0.94

1.94

Montgomery

0

0

2

0

0

2

11,261

0.09

0.19

Nassau

0

0

115

387

21

523

876

1.18

2.42

New York

0

0

24

42

1

67

11,913

0.09

0.18

Niagara

0

0

2

0

57

59

1,622

0.64

1.31

Oneida

0

0

5

2

0

7

14,686

0.07

0.14

Onondaga

0

0

51

3

0

54

3,641

0.28

0.58

Ontario

0

0

2

0

0

2

21,324

0.05

0.10

Orange

0

0

14

35

0

49

2,505

0.41

0.85

Orleans

0

0

7

0

0

7

2,478

0.42

0.86

Oswego

0

0

6

0

0

6

8,805

0.12

0.24

Otsego

0

0

2

0

0

2

14,241

0.07

0.15

Putnam

0

0

9

11

3

23

1,523

0.68

1.39

Queens

0

0

112

580

0

692

1,181

0.87

1.80

Rensselaer

0

0

5

1

0

6

11,020

0.09

0.19

Richmond

0

0

70

129

11

210

781

1.32

2.72

Rockland

0

0

20

46

0

66

1,439

0.72

1.47

Saint Lawrence

0

0

1

0

0

1

49,721

0.02

0.04

Saratoga

0

0

6

0

0

6

14,450

0.07

0.15

Schenectady

0

0

27

0

0

27

2,409

0.43

0.88

Schuyler

0

0

4

0

0

4

2,295

0.45

0.92

Seneca

0

0

1

0

0

1

14,794

0.07

0.14

Steuben

0

0

2

0

0

2

23,066

0.04

0.09

Suffolk

0

0

146

199

0

345

1,514

0.68

1.40

Sullivan

0

0

8

2

0

10

4,473

0.23

0.47

Tioga

0

0

0

0

1

1

21,410

0.05

0.10

Tompkins

0

0

0

0

0

0

0.00

0.00

Ulster

0

0

6

1

0

7

11,094

0.09

0.19

Warren

0

0

5

1

0

6

5,809

0.18

0.37

Washington

0

0

6

1

0

7

3,828

0.27

0.55

Wayne

0

0

1

0

0

1

38,767

0.03

0.05

Westchester

0

0

72

19

12

103

3,393

0.30

0.62

Wyoming

0

0

7

0

0

7

2,420

0.43

0.88

Yates

0

0

1

0

0

1

12,064

0.09

0.18

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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