Updated, 12:32 p.m., June 14: Foreclosure filings in New York State increased two percent in May to 4,027, according to a new foreclosure market report from RealtyTrac. The numbers represent a year-over-year increase of 14 percent, but New York foreclosure rates remain at less than half the national average.
The monthly increase in overall foreclosure activity, according to the report, was caused primarily by a 95 percent spike in scheduled foreclosure auctions. A total of 508 properties statewide were scheduled for foreclosure auction in May, up 21 percent from a year ago and the highest numbers since October 2010.
“The pig is starting to move through the python in terms of rebounding foreclosure activity in New York,” said RealtyTrac’s Daren Blomquist in a statement. “May provided early evidence that these foreclosure starts are now moving through the process and being scheduled for a public foreclosure auction.”
The uptick in foreclosure inventory could help satiate strong demand in Long Island and New York City, according to Emmett Laffey, CEO of Laffey Fine Homes, a brokerage headquartered in Greenvale, N.Y.
Scheduled foreclosure auctions also saw a year-over-year increase of 174 percent in Brooklyn, while they were down 67 percent year-over-year in Manhattan and 17 percent year-over-year in Queens. – Hiten Samtani