Top 10 NY counties with most foreclosures: Manhattan (New York County) is not one of them
The New York State Banking Department and RealtyTrac released New York county-level foreclosure statistics for the fourth quarter and 2008. According to RealtyTrac, New York State foreclosure filings decreased 42 percent in the fourth quarter compared to the third quarter of 2008. For the full year, foreclosure filings increased 29% compared to 2007.
New York’s subprime lending reform bill includes a mandatory pre-foreclosure notice that requires lenders to send a notice to borrowers of high-cost home loans, subprime home loans and non-traditional home loans at least 90 days before the lender may commence legal action against the borrower. This component of the bill was designed to encourage communication between all parties involved in an effort to limit the number of unnecessary foreclosures.
Manhattan (New York County) the most densely populated county in NY and the US is not one of the top ten NY counties with the most foreclosures. It is also the only county (borough) in NYC not on the list.
For 2008, the top ten New York counties with the most foreclosure filings were:
- Queens: 8,990 foreclosures - a 16.6 percent increase from 2007
- Suffolk: 6,324 foreclosures - a 12.5 percent increase from 2007
- Kings: 5,861 foreclosures - a 4 percent decrease from 2007
- Nassau: 4,481 foreclosures - a 25.8 percent increase from 2007
- Monroe: 2,999 foreclosures - a 0.8 percent decrease from 2007
- Erie: 2,811 foreclosures - a 207.9 percent increase from 2007
- Westchester: 2,722 foreclosures - a 79 percent increase from 2007
- Richmond: 2,412 foreclosures - a 43.6 percent increase from 2007
- Bronx: 2,227 foreclosures - a 4.5 percent decrease from 2007
- Orange: 1,739 foreclosures - a 273.5 percent increase from 2007
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