Local foreclosures on the upswing

Wednesday, November 14, 2012
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— Foreclosure activity increased across the Capital Region in October, compared to the same period one year earlier, mirroring a statewide trend of large annual increases last month.

Most of the region also experienced a bump in activity from September to October, according to the latest market report from RealtyTrac, a California firm that tracks nationwide foreclosures.

Albany County was the only exception in the Capital Region, experiencing decreases in both month-over-month and year-over-year foreclosure activity. Default notices, scheduled auctions and bank repossessions fell 20 percent from October 2011 to October 2012 and 50 percent from September to October of this year.

At a glance

Foreclosure filings reported in October, by county:

Albany: 20, or one in every 6,887 homes

Fulton: 21, or one in every 1,360 homes

Montgomery: 9, or one in every 2,563 homes

Saratoga: 57, or one in every 1,731 homes

Schenectady: 13, or one in every 5,246 homes

Schoharie: 10, or one in every 1,723 homes

Foreclosure filings were reported on 62.5 percent more homes in Schenectady County last month than at the same time one year earlier. But the region did experience a 13.3 percent drop in activity from September to October.

Saratoga County saw increases on both fronts for the month of October. Foreclosure activity was up 850 percent from last October and nearly 217 from the month before.

Fulton County experienced a whopping 2,000-percent increase in year-over-year activity and a 61.5-percent increase in month-over-month foreclosure filings.

Schoharie County experienced a 900-percent increase in year-over-year activity and a 400-percent increase from September to October.

Montgomery County held stable over the one-year period, but experienced a 350 percent rise in foreclosure activity from September to October.

Across the nation, New York had the second biggest annual increase in foreclosure activity, a 123 percent increase in October. The state also experienced a 17-percent increase in foreclosure starts from September to October and a 163-percent increase from October 2011 to October 2012.

Foreclosure filings were reported on 186,455 properties across the nation last month, a 3-percent increase from the month before. But this was still down 19 percent from October last year.

RealtyTrac Vice President Daren Blomquist said in a news release that the devastation from Hurricane Sandy is likely to prolong the housing recovery in New Jersey, New York and Connecticut.

“Unfortunately, the three states dealing with the biggest rebound in deferred foreclosure activity — New Jersey, New York and Connecticut — also had to deal with the devastation to homes inflicted by superstorm Sandy,” he said. “The foreclosure moratoriums being put into effect as a result of the storm will likely extend the already-lengthy time to foreclose in these states, further prolonging a fundamentally sound housing recovery.”

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