New foreclosures up 60 percent in NYC

TRD New York /
Oct.October 01, 2008 06:21 PM

Foreclosures are still climbing in New York City with a 60 percent increase in filings compared to last year, led by a doubling in troubled mortgages in Queens, according to a report by PropertyShark.

There were 1,118 foreclosures in the five boroughs in the third quarter of 2008, compared to 961 in the prior quarter. In the third quarter a year ago, there were 695 foreclosures, the survey released late today shows.

Queens continued to lead the city in foreclosures, with 665, a 19 percent increase from the prior month’s tally of 558, and a 100 percent increase from the same period last year, when there were 333, the data showed.

Manhattan continued to be nearly free of foreclosures, with just 35 reported, and most of those were worked out pre-auction, the report said. One year ago there were 30.

In an indication that foreclosures may begin to slow in the city, the third quarter saw 4,633 pre-foreclosure filings, down 13 percent from the 5,344 recorded in the prior quarter and a decline from the period a year ago when there were 5,064.

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