City foreclosures up in first quarter

April 02, 2008 12:32PM

New foreclosures soared in New York City in the first quarter, increasing 51 percent compared to the fourth quarter of last year and 65 percent over last year’s first quarter, according to a PropertyShark.com report. Queens especially saw “substantial activity,” with a 90 percent increase in first-time foreclosures compared to the last quarter and a 59 percent increase compared to last year. The borough’s Community District 12, which includes Jamaica, South Jamaica, Hollis and St. Albans, was hardest hit, the report said. “While Manhattan foreclosures are still almost nonexistent, Queens has single-handedly taken New York City foreclosure levels to new heights,” said Ashleigh Rose Clark, data acquisitions manager at PropertyShark.com. Manhattan had just 23 new foreclosures, while the Bronx had 73, Brooklyn had 140, Staten Island had 174 and Queens had 508. TRD


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