NYC foreclosure activity down 5% from 2009

The level of foreclosure activity in the New York City metro region dropped 5 percent in 2010, compared to the previous year, according to RealtyTrac’s year-end U.S. foreclosure market report. The report tracks the total number of properties with at least one foreclosure filing recorded by RealtyTrac during the year. The New York City area, which includes Northern New Jersey and Long Island, saw 79,849 properties receiving a foreclosure filing, roughly 1.08 percent of the total properties in the region. But while this rate of foreclosure activity is down from 2009 levels, it is 1.83 percent higher than the number of filings in 2008.

The New York City area saw relatively little foreclosure activity compared to other major markets in the U.S. included in RealtyTrac’s report. The region was ranked 148th on RealtyTrac’s list of 206 major markets. The list, which is organized based on the percentage of properties in foreclosure rather than the total number of foreclosure filings, pegged the greater Las Vegas market as the worst in the nation in terms of foreclosure activity. Las Vegas saw 88,198 properties with filings during 2010, roughly 10.88 percent — or one in every nine properties.

Nationwide 2.87 million, or one in every 45 properties, had a foreclosure filing during 2010. This marks a 1.67 percent climb over 2009’s levels and a 23.23 percent jump from 2008. TRD