NYC foreclosure auctions drop 70 percent

The number of newly scheduled New York City foreclosure auctions was down 70 percent in August compared to the same month in 2010, and 7 percent from July 2011, according to a monthly report covering first-time residential New York City foreclosures by PropertyShark.com.

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Borough by borough, Queens and Staten Island saw the largest drop. Compared to August 2010, foreclosure auctions in those areas were down more than 80 percent. Newly scheduled foreclosure auctions also fell 40 percent in Brooklyn and 13 percent in Manhattan while Bronx foreclosures remained consistent.

The number of properties that received at least one lis pendens filing, an early stage in the foreclosure process, in August 2011 saw at 34 percent decrease, the report shows, compared to August 2010 and a 4 percent decrease from July. — Katherine Clarke

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