(source: PropertyShark)
Foreclosures on co-op apartments in New York City reached a two-year high during the second quarter, more than quadrupling in number since the second quarter of 2010, according to the latest data from PropertyShark.com.
The spike was fueled by a major uptick in scheduled foreclosure auctions in Manhattan, which had 66 in the second quarter, up from 27 at this time last year, and from 41 in the first quarter, the data shows. But the increasing distress that was apparent among Manhattan co-op owners wasn’t replicated elsewhere in the city, with all other boroughs — which have traditionally been much harder-hit by foreclosures — seeing year-over-year declines in the number of auctions scheduled during the second quarter.
In Staten Island, scheduled foreclosures dropped by 84 percent. In Queens, the decline was 68 percent. In the Bronx and Brooklyn, the numbers were down by 52 percent and 34 percent, respectively. Overall, there were 297 foreclosure auctions scheduled citywide during the second quarter of this year, down 56 percent from the 668 scheduled during the second quarter last year, but up 16 percent from the 256 scheduled in the first quarter.
Meanwhile, lis pendens, which mark the first stage in the foreclosure process and are indicative of foreclosure activity to come, were down 25 percent citywide in the second quarter when compared to the same three months last year, though they were up by 9 percent when compared to the first quarter. – Sarabeth Sanders
