NYC foreclosure filings drop dramatically

Filings fell throughout the state, bucking a two-year trend

Housing in Queens
Housing in Queens

WEEKENDEDITION Things are looking good for the New York state housing market. Foreclosure filings throughout the state were down 31 percent in March, breaking a two-year trend.

In the city, Queens foreclosure filings fell 25 percent, and in Staten Island filings dropped 26 percent. But Brooklyn saw the most dramatic decline, dropping 35 percent year-over-year, according to RealtyTrac data cited by the New York Post.

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“This is a fairly major shift in the numbers, after 23 consecutive months of foreclosure activity rising in New York state,” said Daren Blomquist, vice president at RealtyTrac. “That’s playing out in the boroughs as well.”

The number of underwater borrowers is down as well, falling from approximately 12 percent in the third quarter of 2013 to 10 percent in the first quarter of 2014. [NYP]Christopher Cameron