From left: foreclosure maps from Manhattan and Brooklyn, source: PropertyShark (click image for larger version)
While the housing market may be slowly reaching a plateau, one borough is still feeling foreclosure pain. The number of scheduled foreclosure auctions declined in all boroughs, except the Bronx, in the second quarter, according to data released today by PropertyShark.com.
While the city saw a 14 percent overall decline in the number of scheduled foreclosure auctions, compared to the first quarter of the year, the Bronx saw a 20 percent increase. Manhattan saw the sharpest drop in foreclosure auctions at 59 percent quarter-over-quarter, followed by Brooklyn, Queens and Staten Island, which saw reductions of 28 percent, 13 percent and 6 percent, respectively.
Year-over-year, the Bronx saw a more modest uptick of 9 percent, while the other four boroughs still saw a reduction in foreclosures. Manhattan once again saw the steepest drop, declining 46 percent year-over-year. Brooklyn, Queens and Staten Island saw their foreclosure auctions decline by 9 percent, 30 percent and 18 percent and, respectively. The city, overall, saw a 24 percent year-over-year drop.
But, out of the 1,380 total scheduled foreclosure auctions in the city in second-quarter 2010, just 668 were newly scheduled, according to PropertyShark.com. The rest of the listings represent previously scheduled foreclosure auctions that had been postponed. TRD