Thanks to the moratorium on foreclosures that resulted from the robo-signing controversy, New York City foreclosures declined 61 percent in 2011 to their lowest levels in seven years, according to a report released today by PropertyShark.com. But Manhattan proved an exception to the rule, recording 193 new foreclosure filings in 2011, 28 percent more than it did in in 2010.
The trend of Manhattan foreclosures rising, while outer borough foreclosures fall held steady in the fourth quarter.
There were 37 new filings in Manhattan in the fourth quarter, 32 percent more than in the prior-year quarter. But foreclosure filings fell 64 percent in Staten Island to 21, 47 percent in the Bronx to 37, 58 percent in Brooklyn to 38 and an astounding 63 percent in Queens to 89. Despite that big yearly drop, Queens still accounted for two-fifths of the city’s foreclosures.
“The impressive drop in foreclosures merely represents a delaying of the inevitable,” said PropertyShark founder Matthew Haines. “I expect that thousands of home foreclosures that are currently delayed will eventually make their way through the system.” — Adam Fusfeld