New York's Foreclosure Pace Trails National Increase

Foreclosure filings were made on 14,477 properties in New York during the third quarter, according to the state's banking supervisory agency. Using data from RealtyTrac, the New York State Banking Department said foreclosure filings rose 19% from the third quarter of 2007. But that increase was much below the 71% national increase in filings. New York's third quarter foreclosure activity also was down 10% from the second quarter, despite a 3% quarter-over-quarter increase nationally. Richard Nieman, superintendent of banks for New York, said a recently enacted subprime lending law, which took effect at the beginning of September, has contributed to the drop in foreclosure activity. "I am interested to see fourth quarter numbers to review the full impact the bill will have when in effect for a longer period," he said.