First-time NYC foreclosures double, reaching two-year peak

The Bronx, which saw a growth in foreclosures
The Bronx, which saw a growth in foreclosures

First-time foreclosures in New York City doubled between the first and second quarters of this year, reaching a two-year high, according to a PropertyShark report. The second quarter saw a total of 348 first-time foreclosures citywide – an uptick from 146 tallied in the previous quarter.

The number is 39 percent higher than the second quarter of 2012.

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In Manhattan, there were 37 foreclosures in the second quarter, representing a 94.7 percent increase over the previous quarter, when 19 were recorded. However, foreclosures dropped 3 percent from the second quarter of 2012.

Queens and the Bronx also saw large quarterly upticks in their first-time foreclosure numbers. The Bronx had 95 in the second quarter, almost triple the 33 seen in the first quarter. Meanwhile, Queens had 129 in the second quarter and 48 in the first. Compared to the same period last year, the numbers show an 86 percent and 22 percent increase, respectively.

Pre-foreclosures are also on the rise in the city, and reached a three-year high in the second quarter, when 4,214 were recorded. That is a 19 percent quarter-over-quarter gain and a 36 percent year-over-year increase. –Zachary Kussin