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Rochester fares well in foreclosure report

Rochester Business Journal
July 30, 2010

Rochester and Upstate New York are doing better than many parts of the country in terms of home foreclosures, a new report indicates.

In a mid-year report released by California-based RealtyTrac Inc., Rochester ranks 186th out of 206 markets surveyed. With 1,201 foreclosure filings—or one filing for every 368 homes—Rochester’s foreclosures were down 25 percent from a year ago.

With other metropolitan areas with populations exceeding 200,000, more than half saw increases in foreclosure activity. Albany and Syracuse were among them.

Both cities, however, registered at the positive end of RealtyTrac’s ranking.

Albany was 198th with 592 foreclosure actions, or one for every 644 homes, up 0.17 percent from a year ago. Syracuse ranked 200th with 333 foreclosure filings, or one out of every 860 homes, up 67 percent from last year.

Like Rochester, Buffalo experienced a year-over-year decline. There were 915 foreclosures in Buffalo—or one out of 570 homes—down 45 percent from a year ago. Buffalo ranked 197th on RealtyTrac’s list.

Nationwide, four states accounted for the top 20 metro foreclosure rates. Florida led the way, with nine of the 20 highest metro foreclosure rates, followed by California with eight, Nevada with two and Arizona with one.

“While we’re seeing early signs that foreclosure activity may have peaked in some of the hardest-hit markets, foreclosures continued to rise in three-quarters of the nation’s metropolitan areas in the first half of the year,” RealtyTrac CEO James Saccacio said.

“The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy, specifically job growth. If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas.”   

Las Vegas, despite a 15 percent decrease from last year, continued to post the nation’s highest metro foreclosure rate in the first half of the year, with 6.6 percent of its housing units, or one in 15, receiving a foreclosure filing—more than five times the national average.

 (c) 2010 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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