New York Foreclosures Down in 2010

Foreclosure filings dropped 13 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 43,913 New York properties for 2010, down 13 percent from a year ago and 12 percent below the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 2,622 New York properties in December 2010, a 6 percent decrease from November and 48 percent below the level reported in December 2009. One in every 3,042 New York housing units received a foreclosure filing during the month.

 

“New York foreclosure activity fell considerably in 2010 to a level well below what was reported for both 2009 and 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “The Empire State’s jobless rate is also improving, recently dropping to 8.2 percent, which is high by conservative standards, but enough below the national average to help make a dent in foreclosure filings.”

 

One in every 182 New York housing units received a foreclosure filing in 2010, the 42nd highest state foreclosure rate in the nation for the year.

 

Putnam County posts state’s top foreclosure rate in 2010

Putnam County posted the highest foreclosure rate in New York in 2010, with one in every 63 housing units receiving a foreclosure filing — 2.9 times the state average. Suffolk County came in second, with one in every 67 housing units receiving a foreclosure filing in 2010 — 2.7 times the state average. The next highest was Orange County, where one in every 77 housing units received a foreclosure filings during the year — 2.4 times the state average.

 

Suffolk County led the state in foreclosure activity in 2010

Suffolk County led the state in foreclosure activity, reporting 8,123 properties with foreclosure filings. Kings County had the second highest foreclosure total, with 4,229 properties with foreclosure filings. Nassau County was third highest, reporting 4,982 properties with foreclosure filings for the year. Queens County came in fourth, tallying 4,924 properties with foreclosure filings. Fifth highest total for the year was in Westchester County, where 2,738 properties with foreclosure filings were reported.

 

State a moderate contributor to total foreclosure activity in 2010

New York accounted for 2 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

New York

0

30,976

3

6,515

6,419

43,913

182

0.25

n/a

 

 

 

 

 

 

 

 

 

 

Putnam

0

434

0

66

78

578

63

0.71

2.88

Suffolk

0

6,165

0

634

1,324

8,123

67

0.67

2.71

Orange

0

1,221

0

362

170

1,753

77

0.58

2.36

Richmond

0

1,736

0

346

220

2,302

78

0.58

2.33

Rockland

0

1,034

0

5

118

1,157

86

0.52

2.12

 

 

New York Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

New York

0

30,976

3

6,515

6,419

43,913

182

-12.82

-12.23

 

 

 

 

 

 

 

 

 

 

Suffolk

0

6,165

0

634

1,324

8,123

67

7.14

38.03

Kings

0

6,032

0

346

311

6,689

145

12.82

21.11

Nassau

0

4,645

0

133

204

4,982

92

-17.84

21.54

Queens

0

3,650

1

672

601

4,924

171

-40.30

-44.03

Westchester

0

2,024

0

447

267

2,738

132

-11.90

7.04

 

 

 

New York Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

New York

0

1,912

0

343

367

2,622

3,042

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Putnam

0

78

0

2

3

83

440

1.14

6.92

Rockland

0

97

0

0

3

100

993

0.50

3.06

Suffolk

0

365

0

44

27

436

1,251

0.40

2.43

Nassau

0

302

0

35

24

361

1,269

0.39

2.40

Richmond

0

102

0

13

14

129

1,389

0.36

2.19

 

 

New York Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

New York

0

1,912

0

343

367

2,622

3,042

-5.65

-47.54

 

 

 

 

 

 

 

 

 

 

Kings

0

483

0

29

70

582

1,663

68.21

-23.12

Suffolk

0

365

0

44

27

436

1,251

-45.84

-16.48

Nassau

0

302

0

35

24

361

1,269

35.71

-39.33

Queens

0

135

0

27

66

228

3,688

11.76

-63.75

Bronx

0

148

0

32

43

223

2,297

42.95

-18.01

 

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