NYC sees near 20% drop in foreclosures, Queens sees dramatic drop in activity

TRD New York /
Jun.June 10, 2010 12:00 AM

New York City saw 1,541 foreclosure filings in May, marking an 18.25 percent plummet from May 2009, according to national foreclosure research firm RealtyTrac’s monthly market report, released today.

But despite the citywide drop in foreclosure activity, only Queens and Staten Island saw year-over-year drops in foreclosures, decreasing 48.39 percent and 10.28 percent, respectively.

As The Real Deal reported yesterday, data also shows that Queens is recovering from its past foreclosure crisis.

Foreclosure filings include default notices, scheduled auctions and bank repossessions.

Staten Island was once again hit hardest with foreclosure filings, proportionally, according to the report. As The Real Deal previously reported, the borough also struggled in the first quarter of the year. Staten Island saw 226 foreclosure filings — one in every 793 homes — during May. Brooklyn came in a distant second, with one in every 1,546 homes receiving a foreclosure filing — a total of 626 in all.

A total of 253 Bronx households, or one in every 2,025, received a foreclosure filing, while Queens and Manhattan saw 368 and 68, respectively, or the equivalent of one in every 2,285 and one in every 12,514.

Month-over-month, the number of foreclosures in the city dropped 2.65 drop.

All but one borough, Queens, saw its foreclosure filings climb in that period. Queens saw a dramatic 31.85 percent drop between April 2010 and May 2010, the report shows.

Nationwide, default notices were on the decline in May, the report says, although not dramatically, while the number of bank repossessions continued to climb. A reported 322,920 properties saw foreclosure filings in May, marking a less than 1 percent increase compared to May 2009, and a 3 percent month-over-month decrease.

Last month saw the smallest number of default notices filed since November 2008. A total of 96,462 properties received default notices in May, marking a 22 percent decrease from May 2009 and a 7 percent decrease from April.

Bank repossessions, meanwhile, hit a record monthly high, with 93,777 cases recorded. The figure marks a 44 percent year-over-year increase and a 1 percent month-over-month uptick.


Related Articles

Nationwide foreclosures are at a 15-year low (Credit: iStock)

Foreclosures nationwide fell to 15-year low in 2019

494 Broadway and Thor Equities' Joe Sitt (Credit: Google Maps)

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”

Maefield Development's Mark Siffin and 20 Times Square (Credit: Maefield)

Lender forecloses on Maefield’s billion-dollar Times Square project

Clockwise from left: 5203-5207 Church Avenue in Brooklyn, 119-40 Metropolitan Avenue in Queens, 855 East 217th Street in the Bronx and 31-35 Steinway Street in Queens (Credit: Google Maps)

Going once, Going twice! Rent-stabilized portfolio hits auction block

Heritage Equity Partners’ Toby Moskovits, Benefit Street Partners real estate managing director Micah Goodman, and the Williamsburg Hotel at 96 Wythe Avenue (Credit: Google Maps)

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Home foreclosures dropped nearly 20% in Q3, report shows

Home foreclosures dropped nearly 20% in Q3, report shows

Manhattan’s 10019 zip code, which covers Midtown, Times Square, Herald Square and Midtown South, saw the most foreclosures in the borough with eight. (Credit: iStock)

Manhattan foreclosures soar 118%, driven by mortgage defaults