NEW YORK FORECLOSURES JUMP 30 PERCENT IN AUGUST

State’s Activity 33 Percent Higher Than a Year Ago

 

IRVINE, Calif. – August 31, 2006 – New York reported 4,537 properties entering some stage of the foreclosure process in August, a 30 percent spike in activity from the 3,484 properties reported in July, and 33 percent above the 3,424 properties reported for the same month last year, according to the RealtyTrac™ August 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.

 

“This latest upswing in New York‘s activity literally erases the declines of the past two months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Higher energy costs combined with further slowdowns in home sales and the rate of home price appreciation are likely contributors to this latest increase in foreclosures.”

 

New York ranked ninth in the country in total foreclosures reported for August. The state’s foreclosure rate of one new foreclosure filing for every 1,693 households — almost three-fifths the national average — ranks it 19th among the 50 states.

 

Top four counties account for largest share of state total

Four counties accounted for 71 percent of all foreclosures in the state of New York for August. Leading the state in foreclosures for the month was Kings County, reporting 822 properties entering some stage of the foreclosure process. Erie County had the second highest total, reporting 739 properties entering some stage of the foreclosure process, followed by Nassau County, where 681 properties entered some stage of the foreclosure process. Queens County came in fourth, reporting 572 properties in some stage of the foreclosure process. Other significant foreclosure levels were found in Suffolk County reporting 402 properties, Bronx County reporting 289 properties, Richmond County reporting 246 properties and Monroe County reporting 174 properties in the foreclosure pipeline during the month.

 

Highest foreclosure rate reported in Erie County

Erie County posted the state’s highest foreclosure rate in August, with one new foreclosure filing for every 563 households — three times the state average and 1.8 times the national average.  Reporting one new foreclosure filing for every 667 households — 2.5 times the state average and 1.5 times the national average — Richmond County had the second highest foreclosure rate in the state. Completing the top five were Nassau County reporting one new foreclosure filing for every 673 households, Kings County reporting one new foreclosure filing for every 1,132 households and Suffolk County reporting one new foreclosure filing for every 1,299 households.

 

State accounts for 4 percent of national total

New York‘s foreclosure activity accounted for 4 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 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 – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

New York

0

1

1,461

2,357

718

4,537

1,693

0.59

 

 

 

 

 

 

 

 

 

 

Albany

0

0

33

1

0

34

3,823

0.26

0.44

Allegany

0

0

3

0

0

3

8,168

0.12

0.21

Bronx

0

1

83

205

0

289

1,698

0.59

1.00

Broome

0

0

24

1

0

25

3,553

0.28

0.48

Cattaraugus

0

0

3

0

2

5

7,968

0.13

0.21

Cayuga

0

0

8

0

0

8

4,435

0.23

0.38

Chautauqua

0

0

1

0

0

1

64,900

0.02

0.03

Chemung

0

0

7

1

0

8

4,718

0.21

0.36

Chenango

0

0

0

0

0

0

0.00

0.00

Clinton

0

0

1

0

0

1

33,091

0.03

0.05

Columbia

0

0

3

0

0

3

10,069

0.10

0.17

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

54

1

3

58

1,829

0.55

0.93

Erie

0

0

178

1

560

739

563

1.78

3.01

Fulton

0

0

1

0

0

1

27,787

0.04

0.06

Genesee

0

0

16

0

0

16

1,512

0.66

1.12

Greene

0

0

3

0

0

3

8,848

0.11

0.19

Herkimer

0

0

1

0

0

1

32,206

0.03

0.05

Jefferson

0

0

3

1

0

4

13,518

0.07

0.13

Kings

0

0

171

651

0

822

1,132

0.89

1.49

Livingston

0

0

1

0

0

1

24,023

0.04

0.07

Madison

0

0

0

0

0

0

0.00

0.00

Monroe

0

0

90

2

82

174

1,749

0.57

0.97

Montgomery

0

0

4

1

0

5

4,504

0.22

0.38

Nassau

0

0

161

502

18

681

673

1.49

2.52

New York

0

0

21

38

3

62

12,873

0.08

0.13

Niagara

0

0

4

1

26

31

3,088

0.32

0.55

Oneida

0

0

1

1

0

2

51,,402

0.02

0.03

Onondaga

0

0

89

2

0

91

2,161

0.46

0.78

Ontario

0

0

1

1

0

2

21,324

0.05

0.08

Orange

0

0

31

1

0

32

3,836

0.26

0.44

Orleans

0

0

8

0

0

8

2,168

0.46

0.78

Oswego

0

0

1

0

0

1

52,831

0.02

0.03

Otsego

0

0

4

0

0

4

7,120

0.14

0.24

Putnam

0

0

8

1

1

10

3,503

0.29

0.48

Queens

0

0

92

480

0

572

1,429

0.70

1.18

Rensselaer

0

0

4

0

0

4

16,530

0.06

0.10

Richmond

0

0

79

160

7

246

667

1.50

2.54

Rockland

0

0

7

66

1

74

1,283

0.78

1.32

Saint Lawrence

0

0

1

0

0

1

49,721

0.02

0.03

Saratoga

0

0

6

1

0

7

12,386

0.08

0.14

Schenectady

0

0

4

2

0

6

10,839

0.09

0.16

Schuyler

0

0

3

1

0

4

2,295

0.44

0.74

Seneca

0

0

0

0

0

0

0.00

0.00

Steuben

0

0

1

0

0

1

46,132

0.02

0.04

Suffolk

0

0

192

210

0

402

1,299

0.77

1.30

Sullivan

0

0

7

1

0

8

5,591

0.18

0.30

Tioga

0

0

1

0

0

1

21,410

0.05

0.08

Tompkins

0

0

0

0

0

0

0.00

0.00

Ulster

0

0

4

1

1

6

12,943

0.08

0.13

Warren

0

0

0

0

0

0

0.00

0.00

Washington

0

0

1

0

0

1

26,794

0.04

0.06

Wayne

0

0

0

0

0

0

0.00

0.00

Westchester

0

0

37

23

14

74

4,722

0.21

0.36

Wyoming

0

0

5

0

0

5

3,388

0.30

0.50

Yates

0

0

0

0

0

0

0.00

0.00

 

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

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved