NYC housing prices, foreclosures decline

TRD New York /
May.May 19, 2011 12:00 PM

First, the good news: foreclosure notices have declined for three straight quarters in New York City, and in Queens, where foreclosures have been most prevalent, the number declined 25.8 percent in the first quarter of 2011 compared to the same period a year ago, according to a New York University Furman Center report released today. Now, the bad news: home prices declined between the last quarter of 2010 and the first of 2011 in every borough except Queens, where housing prices were flat but remain about one-third lower than peak values in the fourth quarter of 2006 and mid-2007. More than half of the 9,000 properties affected by foreclosure in the first quarter of this year had between two and four units, and 58 percent of all foreclosures occurred in Brooklyn and Queens. The dwindling housing prices were met with a lack of new inventory — the report noted that just 159 new units were authorized by the city in the quarter, down more than 50 percent from the previous quarter. TRD


Related Articles

arrow_forward_ios
The number of mortgages in forbearance continues to climb though servicers say they are fielding fewer calls for help from property owners.

TRD Insights: Mortgage forbearances keep climbing

TRD Insights: Mortgage forbearances keep climbing
Clockwise from top left: Poughkeepsie Galleria, Crossgates Mall, Destiny USA and Walden Galleria (Credit: Google Maps; I Love NY; Visit Buffalo)

After Palisades Center, 4 more Pyramid Group malls head to special servicing

After Palisades Center, 4 more Pyramid Group malls head to special servicing
SoFla prepares for flood of foreclosures and evictions after governor’s freeze

SoFla prepares for flood of foreclosures and evictions after governor’s freeze

SoFla prepares for flood of foreclosures and evictions after governor’s freeze
Governor Andrew Cuomo (Credit: Getty Images, iStock, and Pixabay)

Cuomo’s executive order tells banks to give homeowners a break

Cuomo’s executive order tells banks to give homeowners a break
Caught up in a dozen recent lawsuits, Brooklyn developer Toby Moskovits blames her firm’s debt troubles on “collusion” and a “personal vendetta” (Illustration by The Real Deal; Moskovits by Sasha Maslov)

Creditors are banging on Toby Moskovits’ door

Creditors are banging on Toby Moskovits’ door
NYC saw a dip in home foreclosures last year (Credit: iStock)

Home foreclosures dip in NYC for 2nd straight year

Home foreclosures dip in NYC for 2nd straight year
Selina Hotel at 516- 518 West 27th Street and Adam Neumann (Credit: Google Maps, Getty Images)

Lender moves to foreclose on site of NYC hotel linked to Adam Neumann, Mexican magnate

Lender moves to foreclose on site of NYC hotel linked to Adam Neumann, Mexican magnate
Nationwide foreclosures are at a 15-year low (Credit: iStock)

Foreclosures nationwide fell to 15-year low in 2019

Foreclosures nationwide fell to 15-year low in 2019
arrow_forward_ios

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

Loading...