Bronx foreclosures up in May, even as rest of city recovers

Source: PropertyShark

The number of new foreclosures citywide declined by 38 percent in May from one year ago, though the situation in the Bronx appears to be worsening even as Queens recovers from its crash, according to data released by PropertyShark.com today. 

As the city’s hardest-hit borough, Queens is still home to 14 of the top 15 zip codes for foreclosures (11433, which encompasses Jamaica, South Jamaica, Hollis and St. Albans, ranked first), but new foreclosures there dropped in May by 63 percent over last year.

Meanwhile, the Bronx saw 45 new foreclosure filings, up from 12 new filings in May 2009 and 28 new filings in April.

The number of new foreclosure filings in Staten Island, which has also suffered significantly during the economic downturn, was unchanged from last year, while Brooklyn’s new foreclosure filings rose 28 percent year-over-year but declined 26 percent from last month.

The vast majority of foreclosures in New York City occurred in single- and two-family homes, so Manhattan, with its housing stock of co-ops and condos, saw just three new filings in May.
–Sarabeth Sanders