IRVINE, CA -- (Marketwired) -- 06/13/13 -- RealtyTrac® (www.realtytrac.com), the leading online marketplace for real estate data, today released its New York Foreclosure Market Report for May 2013, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 4,027 New York state properties in May, up 2 percent from the previous month and up 14 percent from a year ago.
The report also shows one in every 2,007 New York housing units with a foreclosure filing during the month, less than half the national average and ranked No. 36, highest among the states.
The monthly increase in overall foreclosure activity was caused primarily by a 95 percent spike in scheduled foreclosure auctions. A total of 508 properties statewide were scheduled for foreclosure auction during the month, up 21 percent from a year ago and the highest numbers since October 2010 -- a 31-month high.
"The pig is starting to move through the python in terms of rebounding foreclosure activity in New York," said Daren Blomquist, vice president at RealtyTrac. "After 14 straight months of annual increases in foreclosure starts statewide, May provided early evidence that these foreclosure starts are now moving through the process and being scheduled for a public foreclosure auction. The 21 percent annual increase in scheduled foreclosure auctions statewide was the first annual increase in scheduled foreclosure auctions in eight months."
Foreclosure rates statewide remain relatively low despite the recent increases in activity, but the additional foreclosure inventory could help satiate strong demand in Long Island and New York City, according to Emmett Laffey, CEO of Laffey Fine Homes, which covers those markets.
"We are experiencing a lack of inventory which is being met with strong demand, particularly from the investor market. Investor interest in real estate has never been hotter," Laffey said. "Secondly, consumer confidence is playing a major factor. With Wall Street up, unemployment down, and interest rates remaining near all-time lows, buyers are hoping to jump into the real estate game as quickly as possible."
Although still at a relatively low level compared to foreclosure starts, scheduled foreclosure auctions jumped from the previous month and a year ago in the Long Island counties of Suffolk and Nassau. A total of 116 Suffolk County properties were scheduled for foreclosure auction in May, up 137 percent from the previous month and up 132 percent from a year ago, and a total of 45 Nassau County properties were scheduled for foreclosure auction during the month, up 165 percent from the previous month and up 36 percent from a year ago.
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