NYC foreclosures down 32% from 2009

New York /
Jan.January 06, 2011 06:02 PM
Source: PropertyShark
 

New York City foreclosure activity in the fourth quarter saw a precipitous drop following lawsuits that exposed shoddy paperwork from banks, new figures from PropertyShark show.

Scheduled foreclosures dropped 26 percent compared with the third quarter, and stood 32 percent below 2009 fourth-quarter levels. Queens retains the largest portion of the city’s scheduled foreclosures, at 49 percent of the total. Manhattan has just 6 percent while Brooklyn clocks in at 19 percent.

Lis pendens, the first notices homeowners receive of foreclosure, settled at the lowest rate since the fourth quarter in 2008. Citywide, banks delivered 2,913 notices last quarter, 30 percent fewer than in the third quarter of 2010.

As States Across The Country Investigate Foreclosure Law Compliance And Court dockets swell with lawsuits alleging flawed paperwork and wrongful foreclosure, banks and mortgage servicers are proceeding more cautiously in initiating foreclosure actions.

“Banks are less likely to file a lis pendens or take it to auction in this environment,” said Brian Scully, PropertyShark’s director of marketing. But he said the slowdown could be good for the economy. “Homeowners aren’t losing their homes, so they have a chance to come up with a solution. And that means less people under serious distress or imminent problems.”


Related Articles

arrow_forward_ios
South Williamsburg resi project faces takeover by lender
South Williamsburg resi project faces takeover by lender
South Williamsburg resi project faces takeover by lender
 Adam Leitman Bailey with 6 Turtle Knoll in Monroe (Adam Leitman Bailey Law Firm, Trulia)
NY foreclosure ban does not apply to shell companies, judge rules
NY foreclosure ban does not apply to shell companies, judge rules
Gov. Kathy Hochul (Getty, iStock)
NY homeowners behind on mortgages get $539M from feds
NY homeowners behind on mortgages get $539M from feds
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
(iStock)
Hamptons towns take sale-price rankings hit
Hamptons towns take sale-price rankings hit
Gov. Kathy Hochul (Getty, iStock)
Attn brokers: Cease-and-desist could be coming to Brooklyn
Attn brokers: Cease-and-desist could be coming to Brooklyn
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Appellate court kills Maverick Real Estate’s Chelsea foreclosure bid
Appellate court kills Maverick Real Estate’s Chelsea foreclosure bid
Lender seeks foreclosure on Standard High Line hotel, alleging $187M owed
Lender seeks foreclosure on Standard High Line, alleging $187M owed
Lender seeks foreclosure on Standard High Line, alleging $187M owed
arrow_forward_ios

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

Loading...