A 7-Year Low for NYC First Time Foreclosures
NEW YORK, Jan. 11, 2013 /PRNewswire/ -- The annual foreclosure report released by premier real estate research site PropertyShark.com reveals that NYC first-time foreclosures continued their downward trend in 2012, reaching a 7-year low.
The total number of new NYC foreclosures scheduled for auction in 2012 was 912, which represents a 76% drop from 2008, when the market collapsed, and a more modest 8% decrease over 2011.
NYC Boroughs Overview
Compared with 2011, Manhattan was the NYC borough that saw the most significant drop in first-time foreclosures, a 23% decrease. There were 154 Manhattan foreclosures scheduled for auction in 2012; this is still a 28% increase compared with 2008;
The number of new foreclosures in Queens (358) is down by 10% over 2011 and 85% over 2008;
Brooklyn foreclosures continued to see a drop in 2012. The numbers (164) are down by 18% compared with 2011 and by 67% over 2008;
NYC (all boroughs) registered a 14% year-over-year increase in the number of pre-foreclosures filed in 2012, which means that 11,877 NYC homes had a lawsuit filed against them.
"The number of foreclosures we are seeing today is smaller than what we were seeing back in 2006, before the market collapsed, which is very encouraging," said PropertyShark Industry Principal Andrew McElhone. However, he advised that, "with a 14% uptick in Lis Pendens over the last year, we will have to keep a close eye in the new year to see if this is the new normal, or only a small phase we are currently going through."
PropertyShark.com provides real estate professionals, investors and home buyers with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, foreclosures and pre-foreclosures, mailing lists, photos, and more. This is done in an effort to offer the transparency essential to evaluate real estate and make informed decisions. For more information or a free basic account, visit www.PropertyShark.com.