NYC foreclosures down 25% in 2010

The rate of foreclosure filings in New York City dropped a dramatic 24.9 percent to 17,191 in 2010, compared to the prior year, according to a report released today by the New York State Comptroller (see full report below). Queens led the recovery, despite its reputation as a haven for foreclosure activity, with the number of foreclosure filings in the borough dropping by 45 percent. This citywide decrease in the number of foreclosures last year came after a steady climb in the rate of filings during the previous four years — between 2006 and 2009, number of foreclosure filings increased by 31.7 percent. Neighborhoods on the outskirts of Brooklyn and Queens struggled the most with foreclosures in 2010 — East New York had the highest rate, with 16.8 out of every 1,000 households in foreclosure. TRD

Foreclosures