Foreclosures down from last year

TRD New York /
Jul.July 02, 2009 12:05 PM
alternate textSource: PropertyShark.com

The number of new foreclosures in New York City decreased slightly during the second quarter of 2009 from the same period of last year, according to a second-quarter report released today by the real estate Web site PropertyShark.com.

New York City saw 892 new foreclosures in the second quarter, down 7 percent from 962 in the same quarter of 2008, according to the report, which tracked new foreclosures in four key metro areas. The number of foreclosures, however, rose 3 percent from the first quarter of this year.

As in recent quarters, Queens led the city in foreclosures with 610 between April and June, up 9 percent from 492 in the same period last year. The borough also led the city in foreclosures per household, with one in every 1,270 homes scheduled for auction, or 0.079 percent.

Still, that’s far fewer than other areas measured by the report. In Los Angeles, for example, there were 13,654 foreclosures in the second quarter, with one in every 230 homes scheduled for auction. In Miami, there were 2,556 new foreclosures, and in Seattle, new foreclosures spiked 129 percent to 1,235 from the prior-year-quarter.

“Compared to the rest of the country, New York City is faring quite well,” said PropertyShark CEO Bill Saniford. That’s not because of a lack of subprime lending, which was quite common in areas like Jamaica, Queens, which had 51 foreclosures in the second quarter.

Instead, it’s because “we didn’t experience the overbuilding that they experienced in the other areas,” he said. “That is one of the biggest keys. We’re just in a more condensed area.”

Staten Island followed Queens with 115 foreclosures. The Bronx had 73, Brooklyn had 71 and Manhattan had only 23.

Such low foreclosure numbers don’t mean that Manhattan isn’t suffering economic distress, Saniford noted. He said banks are filing lis pendens for non-payment against homes in the area, but they are often sold before they go into foreclosure.


Related Articles

arrow_forward_ios
Governor Andrew Cuomo (Getty; iStock)

Commercial evictions, foreclosures halted through October

Commercial evictions, foreclosures halted through October
Tillary Hotel at 85 Flatbush Avenue (Image via Kutnicki Bernstein Architects)

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure
A million homeowners haven’t requested forbearance on their mortgages — and are now at risk for foreclosure and eviction. (iStock)

1M struggling homeowners didn’t request forbearance. Now what?

1M struggling homeowners didn’t request forbearance. Now what?
U.S. foreclosure filings in August jumped 11% as some states ended relief measures, though continued government intervention has prevented sharper increase (iStock)

US foreclosure filings jump as some states end relief measures

US foreclosure filings jump as some states end relief measures
FHFA director Mark Calabria (Getty; iStock)

Fannie and Freddie extend eviction, foreclosure moratorium

Fannie and Freddie extend eviction, foreclosure moratorium
Matthew Kramer, Victor Petrescu, Sebastian Jaramillo and Gov. Ron DeSantis (Getty, iStock) 

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases
The threat of eviction hangs heavily above immigrant families who have lost work as a result of the coronavirus pandemic. (Getty)

Eviction bans don’t always protect the most vulnerable

Eviction bans don’t always protect the most vulnerable
Governor Andrew Cuomo and New York Chief Administrative Judge Lawrence Marks (Getty)

New York courts put the kibosh on foreclosures

New York courts put the kibosh on foreclosures
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...