NYC residential foreclosure activity declines sharply in November

(source: PropertyShark)

The city saw steep declines in both notices of default and newly scheduled residential foreclosure auctions last month, according to data from PropertyShark.com, in part due to banks putting a halt on activity after their foreclosure paperwork was found to be riddled with errors. Citywide, there were 146 residential foreclosure auctions scheduled for the first time in November, down 39 percent from the 247 scheduled in October 2010 and 24 percent from the 198 scheduled in November 2009. The 723 notices of default, also known as pre-foreclosures or lis pendens, recorded across the five boroughs in November represented declines of 24 percent month-over-month and 58 percent year-over-year. Queens still led the city in new scheduled auctions with 70. Brooklyn came in a distant second with 26 auctions scheduled. TRD