NYC sees increase in bank-owned properties

January 14, 2010 10:56AM

There were 1,750 bank-owned properties in New York City, as of September 2009, according to a report released today from the Furman Center. This represents a six-fold jump in the number of bank-owned properties over the last two years, and that statistic stands to increase even further given the city’s record 20,000 foreclosure filings in 2009. A handful of regions, including Eastern Queens, Central Brooklyn and Staten Island’s northern shore, appeared to be the hardest hit, showing a higher concentration of bank-owned properties than other parts of the five boroughs. The report noted that these neighborhoods had a higher level of mortgage distress than other parts of New York City, as well. TRD


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