NEW YORK FORECLOSURES DOWN 11 PERCENT IN JULY

Market Activity Up 10 Percent From a Year Ago

 

IRVINE, Calif. – August 11, 2006 – New York reported 3,484 properties entering some stage of the foreclosure process in July, a decrease of 11 percent from the 3,907 properties reported in June, but still 10 percent above the 3,167 properties reported for the same month last year, according to the RealtyTrac™ July 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“The New York real estate market continues to be healthy, despite a slight falloff in sales volume and a slowdown in the rate of price appreciation,” said James J. Saccacio, chief executive officer of RealtyTrac. “Taking these factors into consideration this second straight monthly drop in the state foreclosure total is not surprising.”

 

New York‘s foreclosure total for the month was the ninth highest in the country behind top-rated Texas followed by Florida, California, Michigan, Ohio, Illinois, Georgia and Colorado. The state’s foreclosure rate of one new foreclosure filing for every 2,204 households — almost six-tenths of the national average — ranks it 23nd among the 50 states.

 

Top five counties account for bulk of state’s foreclosures

Activity in five counties accounted for 64 percent of all foreclosures in New York for July. Heading the list was Kings County reporting 581 properties entering some stage of the foreclosure process. Nassau County had the second highest total for the month, reporting 575 properties in the process. The third highest total was in Suffolk County reporting 447 properties in the process with Queens County coming in fourth with 390 properties reported to be in the process. Richmond County completed the top five, reporting 244 properties in the foreclosure pipeline.

 

Richmond County reports highest foreclosure rate in the state

Reporting one new foreclosure filing for every 672 households — 3.3 times the state average and 1.9 times the national average, Richmond County had the highest foreclosure rate in the state for July.  Nassau County had the second highest rate at one new foreclosure filing for every 797 households — 2.8 times the state average and 1.6 times the national average. Rockland County rounded out the top three, reporting one new foreclosure filing for every 950 households — 2.3 times the state average and 1.3 times the national average.

 

New York has minor impact on national total

New York‘s foreclosures accounted for slightly less than 4 percent of the 92,845 properties entering some stage of foreclosure nationwide in July. The national total represents a 5 percent increase from June when a total 88,194 foreclosures were reported. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,245 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 – July 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,202

38,173

4,795

13,295

16,380

92,845

1,245

New York

0

0

1,145

2,230

109

3,484

2,204

0.57

 

 

 

 

 

 

 

 

 

 

Albany

0

0

31

1

0

32

4,062

0.31

0.54

Allegany

0

0

0

0

0

0

0.00

0.00

Bronx

0

0

43

164

1

208

2,359

0.53

0.93

Broome

0

0

12

0

2

14

6,344

0.20

0.35

Cattaraugus

0

0

4

0

1

5

7,968

0.16

0.28

Cayuga

0

0

3

0

0

3

11,826

0.11

0.19

Chautauqua

0

0

5

0

1

6

10,817

0.12

0.20

Chemung

0

0

6

0

0

6

6,291

0.20

0.35

Chenango

0

0

1

0

0

1

23,908

0.05

0.09

Clinton

0

0

0

0

0

0

0.00

0.00

Columbia

0

0

2

0

0

2

15,104

0.08

0.15

Cortland

0

0

0

1

0

1

20,116

0.06

0.11

Delaware

0

0

0

0

0

0

0.00

0.00

Dutchess

0

0

20

1

0

21

5,053

0.25

0.44

Erie

0

0

101

2

7

110

3,781

0.33

0.58

Essex

0

0

0

0

0

0

0.00

0.00

Franklin

0

0

0

0

0

0

0.00

0.00

Fulton

0

0

2

0

0

2

13,894

0.09

0.16

Genesee

0

0

7

0

1

8

3,024

0.41

0.73

Greene

0

0

0

0

0

0

0.00

0.00

Jefferson

0

0

3

0

0

3

18,023

0.07

0.12

Kings

0

0

145

436

0

581

1,602

0.78

1.38

Livingston

0

0

0

0

1

1

24,023

0.05

0.09

Madison

0

0

0

0

1

1

28,646

0.04

0.08

Monroe

0

0

131

0

6

137

2,222

0.56

0.99

Montgomery

0

0

2

0

0

2

11,261

0.11

0.20

Nassau

0

0

124

434

17

575

797

1.56

2.77

New York

0

0

11

211

3

225

3,547

0.35

0.62

Niagara

0

0

2

0

33

35

2,735

0.46

0.81

Oneida

0

0

5

0

2

7

14,686

0.08

0.15

Onondaga

0

0

47

2

2

51

3,856

0.32

0.57

Ontario

0

0

4

1

0

5

8,529

0.15

0.26

Orange

0

0

54

9

0

63

1,948

0.64

1.13

Orleans

0

0

4

0

0

4

4,337

0.29

0.51

Oswego

0

0

0

0

0

0

0.00

0.00

Otsego

0

0

1

1

0

2

14,241

0.09

0.15

Putnam

0

0

0

0

3

3

11,677

0.11

0.19

Queens

0

0

103

287

0

390

2,096

0.59

1.05

Rensselaer

0

0

1

0

1

2

33,060

0.04

0.07

Richmond

0

0

53

186

5

244

672

1.85

3.28

Rockland

0

0

5

95

0

100

950

1.31

2.32

Saint Lawrence

0

0

0

0

0

0

0.00

0.00

Saratoga

0

0

1

0

0

1

86,701

0.01

0.03

Schenectady

0

0

12

2

0

14

4,645

0.27

0.47

Schuyler

0

0

0

0

0

0

0.00

0.00

Seneca

0

0

1

0

0

1

14,794

0.08

0.15

Steuben

0

0

3

0

0

3

15,377

0.08

0.14

Suffolk

0

0

136

311

0

447

1,169

1.07

1.89

Sullivan

0

0

8

1

1

10

4,473

0.28

0.49

Tioga

0

0

0

0

1

1

21,410

0.06

0.10

Tompkins

0

0

0

0

1

1

38,625

0.03

0.06

Ulster

0

0

12

0

0

12

6,471

0.19

0.34

Warren

0

0

1

0

0

1

34,852

0.04

0.06

Washington

0

0

2

0

0

2

13,397

0.09

0.16

Wayne

0

0

1

0

1

2

19,384

0.06

0.11

Westchester

0

0

33

85

17

135

2,589

0.48

0.85

Wyoming

0

0

3

0

0

3

5,647

0.22

0.39

Yates

0

0

0

0

1

1

12,064

0.10

0.18

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. 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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