Foreclosures in New York jump after decline

TRD New York /
Apr.April 02, 2009 01:39 PM
Foreclosures by borough (Source: PropertyShark.com)

After a seasonal dip in the fourth quarter in 2008, foreclosures in New York City increased in the first quarter of this year. But foreclosures were down year-over-year, according to the first-quarter foreclosure report from PropertyShark.com.

There were a total of 869 new foreclosures in the first quarter in the city, compared to 764 in the fourth quarter last year. Foreclosures surged in some boroughs and dropped in others. The number of foreclosures in the Bronx spiked 191 percent from the fourth quarter of 2008; in Queens, the number jumped 17 percent; and in Staten Island, it rose 5 percent. But foreclosures dropped in Manhattan by 23 percent and Brooklyn by 55 percent. Foreclosures were down citywide in the first quarter from 918 in the prior-year period. The report defines a foreclosure as a property scheduled for auction for the first time during the period of the report.

“Brooklyn is really starting to act like Manhattan,” said Bill Staniford, CEO of PropertyShark. “It does seem like a trend, not something that’s just an anomaly.” 

Foreclosures in Queens are another, less fortunate trend. “I would think that Queens is going to at some point come down,” Staniford said. “It strikes me as a little bit odd that it’s remained as high as it has….I would love to see [government intervention] start having an effect in the Queens area.”

But Staniford doesn’t expect the foreclosure numbers to change significantly in Staten Island any time soon. “If there was more interest in living in that area, then I would think those numbers would start coming down.”

Two of the three areas with the greatest increases in foreclosures also had the highest rate of foreclosures per household, with one in every 1,187 homes scheduled for auction in Staten Island and one in every 1,343 homes slated for auction in Queens. Twelve of the city’s top 15 foreclosure-heavy zip codes were in Queens.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires at least 10% of staff

The Tel Aviv Stock Exchange (Credit: Getty Images)

All Year’s Israeli bonds tumble on $41M loss

Brooklyn Point at 138 Willoughby Street and Extell Development’s Gary Barnett (Credit: Alistair Gardiner for The Real Deal)

And you get an incentive! Extell offers to pay carrying costs at Brooklyn’s tallest tower

225 Park Avenue South, Buzzfeed CEO Jonah Peretti and Facebook CEO Mark Zuckerberg (Credit: Getty Images)

The Midtown South home of Facebook, Buzzfeed asks up to $800M

According to a lobbyist, the REBNY is not planning to attend Governor Andrew Cuomo’s birthday party (Credit: Getty Images, iStock)

Big Real Estate facing new limits on NY state campaign contributions

arrow_forward_ios