NYC foreclosure activity continues to climb

The rate of foreclosures in New York City grew in the first quarter of the year, according to the Wall Street Journal, with new data from the New York University’s Furman Center for Real Estate suggesting that the foreclosure crisis may still be taking its toll on the five boroughs. New York City saw 16.3 percent more foreclosures in the first quarter of the year than in the same quarter a year earlier, according to the Furman Center, with 4,226 foreclosures recorded. Foreclosure activity was largely localized in Queens and Brooklyn, with the two boroughs accounting for 70 percent of the foreclosures in the city. Queens saw 1,556 foreclosures during the first quarter, while Brooklyn saw 1,546. Manhattan saw the least amount of activity in the city, with just 164 foreclosures recorded during the quarter. [WSJ]