City foreclosures drop again

By Jane C. Timm | June 04, 2008 01:14PM

New York City has seen its foreclosure numbers decline for the second month in a row, with a 4.8 percent drop in May compared to the previous month, according to PropertyShark.com’s monthly statistics. That follows a 6.8 percent drop last month.

However, the news isn’t all good. The city’s 313 foreclosures in May were still almost 50 percent higher than May 2007.

The city’s epicenter for foreclosures in May 2008 was District 12 in Queens (Jamaica, South Jamaica, Hollis and St. Albans), which recorded 80 foreclosures in that month alone.

Queens showed a marked improvement compared to April, with 8.3 percent fewer foreclosures. But compared to last year the borough is still getting roughed up, with 113 percent more foreclosures than May 2007.

Brooklyn and the Bronx, however, went against national and local trends and fell in foreclosure numbers compared to last year. Brooklyn was down 13 percent and the Bronx saw 39 percent fewer foreclosures in May 2008 compared to May 2007. 


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