New York’s home foreclosures up 10% in Q1
Read more: New York’s home foreclosures up 10% in Q1 - The Business Review (Albany):
Home foreclosures in New York increased 10 percent in the first quarter of 2010 compared to the same period last year, according to RealtyTrac.
The increase in the number of properties receiving a foreclosure filing wasn’t as large as the nation as a whole, and New York continues to rank among the lowest in terms of per-capita filings.
New York ranked No. 42 out of the 50 states in per-capita filings during the quarter, according to RealtyTrac, an online seller of distressed properties.
During the quarter a total of 12,149 properties in New York received a foreclosure filing -- default notices, scheduled auctions or a bank repossession. That works out to 1 filing for every 657 housing units in New York.
Nationally, the per-capita foreclosure rate was 1 of every 138 housing units.
Home foreclosures increased 16 percent in the U.S. compared to the first quarter of last year.
As it has for the past 13 quarters, Nevada had the highest foreclosure rate in the nation, with one of every 33 housing units receiving a filing. Still, the number of filings in the state fell 16 percent.
Arizona and Florida also had high per-capita foreclosure rates.
“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: a shallow trough in January and February followed by a substantial spike in March,” said RealtyTrac Chief Executive Officer James J. Saccacio. “One difference, however, is that the increases were more tilted toward the final stage of foreclosure, with REOs [real estate-owned] increasing 9 percent on a quarterly basis in the first quarter of 2010 compared to a 13 percent quarterly decrease in REOs in the first quarter of 2009.”
REO refers the final stage of a foreclosure process when a bank takes possession of the property.
“This subtle shift in the numbers pushed REOs to the highest quarterly total we’ve ever seen in our report and may be further evidence that lenders are starting to make a dent in the backlog of distressed inventory that has built up over the last year as foreclosure prevention programs and processing delays slowed down the normal foreclosure timeline,” Saccacio said.
Read more: New York’s home foreclosures up 10% in Q1 - The Business Review (Albany):
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