The Real Deal New York

Foreclosures in NYC metro up 34% in May: report

Country-wide, rate at a 19-month high

June 18, 2015 08:30AM
By Claire Moses

(Credit: RealtyTrac)

(Credit: RealtyTrac)

Foreclosures in the U.S. are at a 19-month high, according to the latest RealtyTrac report.

In the New York City metro area, the rate was up 34 percent year-over-year

In May, 126,686 properties were foreclosed upon around the country, up 1 percent since April and up 16 percent year-over-year.

Most of the country’s 20 largest metro areas — including New York — also saw an uptick in foreclosures.

“May foreclosure numbers are a classic good news-bad news scenario,” Daren Blomquist, vice president at RealtyTrac, said in a statement. While the number of homeowners going into the foreclosure process is stabilizing at pre-crisis levels, the number of those who are losing their properties is still higher than before the depression.

For the third month in a row, Florida had the highest foreclosure rate in the country with one in every 409 housing units with a foreclosure filing. While the month-over-month foreclosure rate was down from April, it was still up 7 percent year-over-year.

Atlantic City had the highest foreclosure rate among the country’s metro areas, with one in every 230 homes.

There are currently 1,211 properties in some stage of foreclosure in New York City, according to RealtyTrac. The number listed for sale in New York on RealtyTrac is 858.