Monthly Property Shark foreclosure report debuts

New York /
Dec.December 12, 2007 03:36 PM

As real estate pros look to keep up with mounting residential foreclosures in New York City, Property Shark has released its first monthly report with those statistics for four real estate markets including New York City.

The property research data firm created the report after being inundated with requests for the latest foreclosure information in between its quarterly reports, said Brian Scully, vice president of marketing for Property Shark.

“A quarter is simply too long to wait to keep on top of fast moving market conditions,” he said.

Last month, the number of New York City foreclosed properties scheduled for first-time auctions jumped 129.5 percent over November 2006, increasing to 257 from 112, the data shows. This was the first increase in foreclosures since August, when the number increased to 250 from 203 in July.

November saw the same number of foreclosures as June, both a high for the year.

All five boroughs and the city as a whole had higher foreclosure numbers in November than in October. Staten Island had the highest percentage increase at 49 percent, with 70 foreclosures compared to 47 in October. Queens still ranked the highest with 111 foreclosures, up 8.8 percent from 102 in October.  Queens logged more foreclosures than any other borough with 111, up 8.8 percent from 102 in October.

“The higher growth in first-time Staten Island foreclosures has surprised us a bit,” Scully said, “and while we don’t pretend to be economists at PropertyShark.com, we suspect it mimics the national trends of upward [adjustable rate mortgage] rate resets and lower housing prices in a borough with a higher percentage of single family homes than say Manhattan.”

The other markets covered in the report are Los Angeles, Miami and Seattle.


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