New foreclosures up 60 percent in NYC

Foreclosures are still climbing in New York City with a 60 percent increase in filings compared to last year, led by a doubling in troubled mortgages in Queens, according to a report by PropertyShark.

There were 1,118 foreclosures in the five boroughs in the third quarter of 2008, compared to 961 in the prior quarter. In the third quarter a year ago, there were 695 foreclosures, the survey released late today shows.

Queens continued to lead the city in foreclosures, with 665, a 19 percent increase from the prior month’s tally of 558, and a 100 percent increase from the same period last year, when there were 333, the data showed.

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Manhattan continued to be nearly free of foreclosures, with just 35 reported, and most of those were worked out pre-auction, the report said. One year ago there were 30.

In an indication that foreclosures may begin to slow in the city, the third quarter saw 4,633 pre-foreclosure filings, down 13 percent from the 5,344 recorded in the prior quarter and a decline from the period a year ago when there were 5,064.