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Spotlight: New York bucks national foreclosure filing trend

Foreclosures in January 2008 were up nearly 57 percent compared to a year ago, according to a new report from private real estate firm Realty Trac Inc. The densely populated states of California, Florida and Texas saw the highest rates, with more than 57,000 new foreclosure filings in California and some 30,000 in Florida. Economically troubled Ohio and Michigan also saw high foreclosure numbers in January. New York had 4,861 new foreclosure filings last month-a 5.2 percent increase from December 2007, but a decrease of some 5.6 percent compared with January 2007. The report noted that recent lender and government assistance may be responsible for the decreasing foreclosure rates seen in some states. But Realty Trac CEO James Saccacio cautioned relief efforts may only forestall the inevitable for many homeowners.

-Julia Dickinson

02/29/08 (C) Rochester Business Journal

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