Santa Barbara, CA --- March 17, 2011 --- The percentage of bank ownership of foreclosure listings in Queens County and Kings County, New York is materially higher compared to other markets, on average nationwide. RealtyStore's latest study of foreclosure inventory in the New York City metro area found banks as the owners of 84% of New York REO foreclosure properties in Queens and 95% in Kings County.
Representing owners of government owned foreclosures in the area are only Fannie Mae and Freddie Mac, whose foreclosures comprise the remainder of foreclosure listings in both county's foreclosure inventory. There neither HUD homes nor VA foreclosures currently listed in these markets.
In addition, according to RealtyStore, the median listed sales price of foreclosure listings is $110,000 and $165,000 below the market median prices in each county, respectively. The median foreclosure list price in Queens is $285,000, or 28% below Queens' median price of all homes for sale, $395,000. In Kings County, the median foreclosure listing is priced at $310,000, which is 35% below the county's overall median home price of $475,000.
The total number of REO bank foreclosures in Queens County and Kings County is relatively small, compared to national trends. Both Queens and Kings count foreclosures in hundreds, with Queens posting 704 homes and Kings with just 202. Of the total, 199 are on the market in Queens and 53 are listed in Kings. These listings represent just 2% and 1% of each market's total number of homes for sale.
"The foreclosure re-sale market in the counties adjacent to New York City reflects the unique nature of their housing market," noted Tim Chin, CEO of RealtyStore. "We clearly see activity and pricing levels here that diverge from the characteristics of current foreclosure inventory on a national basis, as well as in other major metro areas we watch, such as foreclosures in Los Angeles, Chicago and Houston."
When comparing the foreclosure inventory in Queens and Kings counties with national figures, both are seen to be both running under national inventory levels and posting higher prices on average. On a national basis, foreclosures maintain a 7.5% share of the total market of homes listed for sale, versus the 2% and 1% in Queens and Kings counties. The national median foreclosure price is running 40% below the national home price for all homes listed. Queens and Kings prices are higher at 28% and 35% levels.
The national ownership mix also differs considerably from Queens and Kings, with 72% of all foreclosures nationwide held in bank portfolios and 28% nationwide designated as government owned, under Fannie Mae, Freddie Mac, HUD and the VA.
Foreclosure pricing varies considerably in both counties. In Queens County, the lowest priced foreclosure on the market currently is a Fannie Mae foreclosure listed at $49,900, for a 1 BR condominium in Jamaica, NY. The highest priced Queens County foreclosure is a $649,900 bank foreclosure property listed in Maspeth, NY. Kings County foreclosure prices range from $68,000 for a bank foreclosed condominium to $699,000 for a bank owned multi family home.
Foreclosure listing means an REO which is listed for sale with a published asking price.
REO stands for Real Estate Owned, referring to a repossessed, government owned property, such as a Fannie Mae foreclosure, or bank foreclosures.
Median price is price point where 50% of listed prices are above the median and 50% are under the median.
RealtyStore Reviews and Foreclosure Trends studies provide the total number of REO foreclosure properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank, lending institution or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders, inventory counts and prices in any area can vary at any time. REO counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.