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Queens leads NYC in foreclosures

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Queens saw a significant jump in first-time residential foreclosures in the first quarter of 2007, accounting for the majority of foreclosed properties citywide, according to a new report from PropertyShark.com. The real estate data site found that the borough posted a 91 percent jump in foreclosures over the fourth quarter of 2006, with 319 new foreclosures occurring between January and March of this year. While the citywide new foreclosure rate was up 57 percent over the end of last year, it actually decreased 1 percent from the rate this time a year ago. Manhattan saw the fewest foreclosures of all five boroughs. “The number of new foreclosure auctions in New York City returned to levels seen last year at this time and follows the typical seasonal uptick after the last quarter of a year,” said Ryan Slack, PropertyShark’s CEO. “However, the foreclosure levels in Queens are worrisome.” TRD

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