NEW YORK FORECLOSURES DOWN 15 PERCENT IN JUNE

Market Activity Remains 34 Percent Higher Than a Year Ago

 

IRVINE, Calif. – July 31, 2006 – New York reported 3,907 properties entered some stage of the foreclosure process in June, a 15 percent decline from the 4,610 properties reported in May but still 34 percent above the 2,914 properties reported for the same month last year, according to the RealtyTrac™ June 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.

 

“This one-month decline erases the more than 15 percent increase in total activity experienced in New York over the past two months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite a bright outlook for job growth statewide, however, high energy costs and a lackluster housing market are placing a strain on household budgets that may eventually cause further increases in foreclosure levels.”

 

New York ranked eighth in the country in total foreclosures reported for June. The state’s foreclosure rate of one new foreclosure filing for every 1,966 households — almost 70 percent of the national average — ranks it 22nd among the 50 states.

 

Kings, Nassau, Suffolk Counties Responsible for Half of State’s Foreclosure Activity

Total properties in foreclosure reported in Kings, Nassau and Suffolk counties combined accounted for half of all foreclosures reported in New York state for June. Kings County led the way, reporting 730 properties entering some stage of the foreclosure process while Nassau County reported 712 properties entering the process. Suffolk County reported 548 properties entering some stage of foreclosure. Other counties reporting notable levels of foreclosures for the month included Queens County with 399 properties and Bronx County with 261 properties entering foreclosure.

 

Highest Foreclosure Rate Reported in Nassau County

Nassau County posted the state’s highest foreclosure rate in June, with one new foreclosure filing for every 643 households — more than three times the state average and twice the national average.  With one new foreclosure filing for every 785 households — 2.5 times the state average and 1.7 times the national average — Richmond County had the second highest foreclosure rate in the state. Completing the top five county foreclosure rates were Rockland County reporting one new foreclosure filing for every 950 households, Suffolk County reporting one new foreclosure filing for every 953 households and Kings County reporting one new foreclosure filing for every 1,275 households.

 

New York State Accounts for 4 Percent of National Total

The total number of foreclosures reported in New York state accounted for a 4 percent share of the 88,194 properties that entered some stage of foreclosure nationwide in June. The national total represents a 5 percent decline from the May total of 92,746 foreclosures. The nation’s foreclosure rate declined to one new foreclosure filing for every 1,311 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 – June 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

21,866

38,382

2,966

9,598

15,382

88,194

1,311

New York

0

0

1,507

2,292

108

3,907

1,966

0.667

 

 

 

 

 

 

 

 

 

 

Albany

0

0

32

0

0

32

4,062

0.32

0.48

Allegany

0

0

0

0

1

1

24,505

0.05

0.08

Bronx

0

0

64

197

0

261

1,880

0.70

1.05

Broome

0

0

17

0

0

17

5,225

0.25

0.38

Cattaraugus

0

0

10

0

0

10

3,984

0.33

0.49

Cayuga

0

0

12

0

1

13

2,729

0.48

0.72

Chautauqua

0

0

3

0

1

4

16,225

0.08

0.12

Chemung

0

0

8

0

0

8

4,718

0.28

0.42

Chenango

0

0

0

0

0

0

0.00

0.00

Clinton

0

0

0

0

0

0

0.00

0.00

Columbia

0

0

3

0

1

4

7,552

0.17

0.26

Cortland

0

0

0

0

0

0

0.00

0.00

Delaware

0

0

0

0

0

0

0.00

0.00

Dutchess

0

0

30

2

1

33

3,215

0.41

0.61

Erie

0

0

125

7

17

149

2,791

0.47

0.70

Franklin

0

0

1

0

0

1

23,936

0.05

0.08

Fulton

0

0

1

0

1

2

13,894

0.09

0.14

Genesee

0

0

3

0

0

3

8,063

0.16

0.24

Greene

0

0

2

0

0

2

13,272

0.10

0.15

Herkimer

0

0

3

0

1

4

8,052

0.16

0.24

Jefferson

0

0

2

0

0

2

27,035

0.05

0.07

Kings

0

0

202

528

0

730

1,275

1.03

1.54

Livingston

0

0

0

0

0

0

0.00

0.00

Madison

0

0

1

0

0

1

28,646

0.05

0.07

Monroe

0

0

121

3

2

126

2,416

0.54

0.81

Montgomery

0

0

7

1

2

10

2,252

0.58

0.87

Nassau

0

0

225

479

8

712

643

2.04

3.05

New York

0

0

21

23

1

45

17,737

0.07

0.11

Niagara

0

0

1

0

44

45

2,127

0.62

0.92

Oneida

0

0

6

1

1

8

12,850

0.10

0.15

Onondaga

0

0

110

2

1

113

1,740

0.75

1.13

Ontario

0

0

5

0

0

5

8,529

0.15

0.23

Orange

0

0

62

23

0

85

1,444

0.91

1.36

Orleans

0

0

1

0

0

1

17,347

0.08

0.11

Oswego

0

0

0

0

1

1

52,831

0.02

0.04

Otsego

0

0

2

0

1

3

9,494

0.14

0.21

Putnam

0

0

2

1

1

4

8,758

0.15

0.22

Queens

0

0

112

287

0

399

2,048

0.64

0.96

Rensselaer

0

0

0

1

0

1

66,120

0.02

0.03

Richmond

0

0

33

167

9

209

785

1.67

2.51

Rockland

0

0

22

78

0

100

950

1.38

2.07

Saint Lawrence

0

0

1

1

0

2

24,861

0.05

0.08

Saratoga

0

0

1

0

0

1

86,701

0.02

0.02

Schenectady

0

0

28

0

0

28

2,323

0.56

0.85

Schoharie

0

0

0

0

0

0

0.00

0.00

Schuyler

0

0

1

0

0

1

9,181

0.14

0.21

Seneca

0

0

0

0

1

1

14,794

0.09

0.13

Steuben

0

0

1

0

2

3

15,377

0.09

0.13

Suffolk

0

0

133

415

0

548

953

1.38

2.06

Sullivan

0

0

3

0

0

3

14,910

0.09

0.13

Tioga

0

0

0

0

0

0

0.00

0.00

Tompkins

0

0

5

0

0

5

7,725

0.17

0.25

Ulster

0

0

15

1

0

16

4,854

0.27

0.40

Warren

0

0

3

0

0

3

11,617

0.11

0.17

Washington

0

0

1

0

1

2

13,397

0.10

0.15

Wayne

0

0

2

2

0

4

9,692

0.14

0.20

Westchester

0

0

61

73

9

143

2,444

0.54

0.80

Wyoming

0

0

3

0

0

3

5,647

0.23

0.35

Yates

0

0

0

0

0

0

0.00

0.00

  

 

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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