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What you need to know for 08/17/2017

Area home foreclosure rates vary widely

Area home foreclosure rates vary widely

Foreclosure rates across the Capital Region continue to vary widely and change dramatically so far t

Foreclosure rates across the Capital Region continue to vary widely and change dramatically so far this year.

While the nation experienced a drop in foreclosures last month and in the first three months of the year, filings in the Capital Region ranged from large increases in Albany County and rural Fulton and Schoharie counties to decreases across the board in Schenectady County, according to the latest figures from RealtyTrac, a California-based foreclosure tracking firm.

“Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off,” RealtyTrac Vice President Daren Blomquist said in a news release.

Fulton County had the largest quarterly increase in foreclosure filings, which include default notices, scheduled auctions and bank repossessions. With 55 foreclosures, or one in every 519 homes, Fulton County experienced a nearly 31 percent jump in foreclosures since the last quarter.

Saratoga County was next, with 152 foreclosures in the first three months of the year, for an increase of 13.4 percent from the last quarter.

Albany County experienced 171 foreclosures in the first quarter, a 2.4 percent jump from the fourth quarter of 2012.

Foreclosures in Schoharie County fell 17.9 percent over this time period, with 23 homes in some stage of the foreclosure process.

Foreclosures in Schenectady County fell 25 percent, with filings on 36 homes in the first quarter.

Montgomery County experienced the biggest drop, 47 percent, with just nine foreclosures over this time period.

New York state had a total 11,769 homes in some stage of foreclosure in the first quarter of 2013 — an increase of 14.8 percent from the fourth quarter of 2012.

March foreclosure data was also released this week by RealtyTrac. The following are filing data broken down by county:

• Albany County: 128, or one in every 1,073 homes, were in some stage of foreclosure last month — a 2,460 percent increase over February and a 121 percent increase over March 2012.

• Fulton County: 15, or one in every 1,902 homes, had foreclosure filings last month — a 46.4 percent drop since February and a 275 percent increase from March 2012.

• Montgomery County: Seven, or one in every 3,289 homes, had foreclosure filings last month — a 600 percent increase since February and a 63.2 percent drop since March 2012.

• Saratoga County: 47, or one in every 2,085 homes, had foreclosure filings last month — a 28.8 percent drop since February and a 95.8 percent increase from March 2012.

• Schenectady County: 10, or one in every 6,799 homes, had foreclosure filings last month — a 9.1 percent drop from February and a 33.3 percent drop since March 2012.

• Schoharie County: Eight, or one in every 2,148 homes, had foreclosure filings last month — a 38.5 percent drop from February and a 700 percent increase since March 2012.

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