Staten Island and Queens continue to lead New York City in foreclosures, but the Big Apple still compares favorably to other parts of the country, according to a January 2009 foreclosure report released today by Propertyshark.com.
As in previous months, Queens had the most foreclosures of any borough, with 170, up 26 percent from 135 in January 2008. That means one in every 4,559 homes is scheduled for foreclosure auction. Staten Island followed with 58 auctions, up 7 percent from last year, but had more foreclosures per capita, with one in every 2,845 homes scheduled for auction.
The Bronx had 33 foreclosures, up 38 percent from last year. Manhattan and Brooklyn, on the other hand, had fewer foreclosures than last January, with the number in Manhattan dropping 44 percent to 5, and the number in Brooklyn dropping 73 percent to 12 foreclosures.
In the entire city, there were 278 foreclosure auction scheduled in the five boroughs in January, up 64 percent from December 2008 and 4.5 percent from January of 2008, said the report, which measures foreclosures in four key metro areas: New York, Los Angeles, Miami and Seattle.
The December numbers reflect seasonality more than market conditions, said Brian Scully, the vice president of marketing at Property Shark.
“Typically we would expect an increase from December to January,” he said, “as holiday schedules — and probably some sense of collective guilt about scheduling an auction around the holidays — mean less auctions are scheduled.”
Still, New York had far fewer foreclosures in January than Los Angeles, which saw 2,605 auction scheduled, and Miami, which had 1,188. Miami also had the highest rate of foreclosures per household compared to the other metro areas. In Miami, one in every 654 homes is scheduled for auction, followed by Los Angeles, with one in every 1,205 homes. By comparison, one in every 10,856 homes in New York is scheduled for auction. Lastly, in Seattle, there were 104, 41.6 percent fewer than last year.
The zip code with the most foreclosures was 11433 in Queens, an area which includes Jamaica, South Jamaica, Hollis and St. Albans.
Single and two-family dwellings were the most common property types for auctions in New York.