The Capital Region’s foreclosure rate during 2009 fell nearly 50 percent from 2008 as the housing market improved, according to RealtyTrac’s Metropolitan Foreclosure Market Report.
One out of every 311 houses in the region was in foreclosure for a total of 1,220 properties, down 49.5 percent from 2008, when there were 2,416 properties that went into foreclosure. (RealtyTrac defines the Capital Region as Albany, Rensselaer, Saratoga, Schenectady and Schoharie counties.)
The Albany-Schenectady-Troy area had one of the lowest foreclosure rates in the nation, ranking at No. 190 out of 203 metropolitan areas.
New York as a whole did not see the reduction that the Capital Region did: The total 50,369 foreclosures statewide in 2009 was actually slightly higher than 2008’s 50,032.
James Saccacio, CEO of RealtyTrac, said a new wave of foreclosures may be ahead as unemployment and economic hardships continue for people struggling to pay their mortgages.
“Areas like Provo, Utah, Fayetteville, Ark., Portland, Ore., and Rockford, Ill., all posted foreclosure rates above the U.S. average in 2009. And markets like Honolulu, Minneapolis and Seattle saw foreclosure activity increase at more than twice the national pace over the past 12 months — although all three of those markets still had 2009 foreclosure rates that were at or below the U.S. average,” Saccacio said in the announcement.
Las Vegas topped the list for national foreclosure rates last year with 94,862, or one out of every eight houses. At the bottom of the list was Burlington-South Burlington, Vt., which had 45 last year, or one for every 1,972 homes.