NEW YORK FORECLOSURES INCREASE 6 PERCENT IN APRIL

Market Activity Up 20 Percent From a Year Ago

Richmond County Posts State’s Highest Foreclosure Rate

 

IRVINE, Calif. – May 31, 2006 – New York reported 4,216 properties entering some stage of foreclosure in April, a 6 percent increase from the previous month and a 20 percent rise from the 3,517 foreclosures reported in April 2005, according to RealtyTrac’s April 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 rate of foreclosure in New York continues to rise as employment growth remains below the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “In addition, housing sales have slowed in the state resulting in a stabilized appreciation rate.”

 

With one foreclosure filing for every 1,822 households (70 percent of the national average), New York‘s foreclosure rate ranked 21st among the 50 states. Overall, the state total accounted for less than 5 percent of the nation’s foreclosures, with only nine states reporting more filings for the month.

 

Reporting 778 properties entering some stage of foreclosure, Kings County accounted for the largest number of foreclosure filings in New York for April, followed by Suffolk County with 640 properties entering some stage of foreclosure. Richmond County‘s foreclosure rate of one foreclosure filing for every 471 households was the highest in the state and 3.9 times the state average. With regard to the other three of the five boroughs of New York City, New York County reported 65 properties entering foreclosure, while Queens and Bronx reported 528 and 376 foreclosures respectively.

 

Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. This marked the second straight month of decreasing U.S. foreclosure activity. At one foreclosure filing for every 1,268 households, the national foreclosure rate for April was higher than for any month in 2005.

 

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 Activity By County — April 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every #households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

U.S.

21,244

38,238

2,833

9,071

19,782

91,168

1,268

New York

0

0

1,600

2,287

329

4,216

1,822

0.70

 

 

 

 

 

 

 

 

 

 

Albany

0

0

30

2

8

40

3,249

0.39

0.56

Allegany

0

0

0

0

3

3

8,168

0.16

0.22

Bronx

0

0

165

211

0

376

1,305

0.97

1.40

Broome

0

0

2

1

7

10

8,882

0.14

0.21

Cattaraugus

0

0

6

0

4

10

3,984

0.32

0.46

Cayuga

0

0

2

0

7

9

3,942

0.32

0.46

Chautauqua

0

0

1

1

9

11

5,900

0.21

0.31

Chemung

0

0

1

0

3

4

9,436

0.13

0.19

Clinton

0

0

0

0

2

2

16,546

0.08

0.11

Columbia

0

0

4

0

1

5

6,041

0.21

0.30

Cortland

0

0

0

0

2

2

10,058

0.13

0.18

Dutchess

0

0

22

20

0

42

2,526

0.50

0.72

Erie

0

0

92

5

52

149

2,791

0.45

0.65

Fulton

0

0

0

0

2

2

13,894

0.09

0.13

Genesee

0

0

0

1

3

4

6,048

0.21

0.30

Greene

0

0

4

1

0

5

5,309

0.24

0.34

Herkimer

0

0

1

0

1

2

16,103

0.08

0.11

Jefferson

0

0

0

0

1

1

54,070

0.02

0.03

Kings

0

0

265

508

5

778

1,196

1.06

1.52

Lewis

0

0

0

0

1

1

15,134

0.08

0.12

Livingston

0

0

1

0

1

2

12,012

0.11

0.15

Madison

0

0

1

0

0

1

28,646

0.04

0.06

Monroe

0

0

42

3

43

88

3,459

0.37

0.53

Montgomery

0

0

0

0

3

3

7,507

0.17

0.24

Nassau

0

0

65

439

32

536

855

1.48

2.13

New York

0

0

39

25

1

65

12,279

0.10

0.15

Niagara

0

0

1

1

45

47

2,036

0.62

0.89

Oneida

0

0

0

1

9

10

10,280

0.12

0.18

Onondaga

0

0

47

4

19

70

2,809

0.45

0.65

Ontario

0

0

1

0

4

5

8,529

0.15

0.21

Orange

0

0

17

35

0

52

2,361

0.54

0.77

Orleans

0

0

0

1

5

6

2,891

0.44

0.63

Oswego

0

0

1

0

1

2

26,416

0.05

0.07

Otsego

0

0

1

0

0

1

28,481

0.04

0.06

Putnam

0

0

1

12

3

16

2,189

0.58

0.83

Queens

0

0

184

341

3

528

1,548

0.82

1.18

Rensselaer

0

0

0

0

2

2

33,060

0.04

0.06

Richmond

0

0

159

188

1

348

471

2.69

3.87

Rockland

0

0

37

39

7

83

1,144

1.11

1.59

Saint Lawrence

0

0

0

0

0

0

 

0.00

0.00

Saratoga

0

0

1

2

2

5

17,340

0.07

0.11

Schenectady

0

0

18

0

13

31

2,098

0.60

0.87

Seneca

0

0

0

0

1

1

14,794

0.09

0.12

Steuben

0

0

1

0

1

2

23,066

0.05

0.08

Suffolk

0

0

298

340

2

640

816

1.55

2.23

Sullivan

0

0

2

0

3

5

8,946

0.14

0.20

Tompkins

0

0

0

0

1

1

38,625

0.03

0.05

Ulster

0

0

11

0

0

11

7,060

0.18

0.26

Warren

0

0

5

0

1

6

5,809

0.22

0.31

Washington

0

0

4

0

3

7

3,828

0.33

0.48

Wayne

0

0

1

0

7

8

4,846

0.26

0.38

Westchester

0

0

67

106

2

175

1,997

0.64

0.91

Wyoming

0

0

0

0

1

1

16,940

0.07

0.11

Yates

0

0

0

0

2

2

6,032

0.21

0.30

 

 

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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