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First-time home foreclosures in New York City jumped 33 percent year-over-year to 1,560 in 2014, according to a new report from PropertyShark. The number of new foreclosures climbed to a two-year high from 1,169 in 2013.Queens had the dubious distinction of being the borough with the most new foreclosure auctions, at 617, which is up 56 percent year-over-year from 395. “Although foreclosures in Queens increased lately, they are still a lot lower compared to 2009, so it might be a bit early to see impact on home sales,” a spokesperson for PropertyShark told TRD. In Manhattan, there was a slight 7 percent boost to 132 new foreclosures from 123. The biggest surge in foreclosures occurred in Staten Island, where the number nearly doubled to 143 from 74. Meanwhile, the Bronx was the only borough to see a decline – a 4 percent fall to 326 from 341, PropertyShark data show. The volume of pre-foreclosures went the opposite way. There were 11,061 overall, a 17 percent drop from 13,277 in 2013, data show.
Funny that all the % sounds so huge...yet the actual base number of foreclosure is so dingy...
yes, brooklyn had 2 foreclosures in 2013 and 4 in 2014, it was a 100% surge...maybe will surge again to 400% in 2015... then go back down 50% in 2016....
OP, the foreclosure problem is negligible for a packed city like nyc.
If I read this correctly it says that the number of foreclosure auctions increased but the number of pre foreclosures actually went down. Since it often takes a year or two to get from pre foreclosure to foreclosure auction it seems to indicate that the foreclosure auctions that happened in 2014 were on loans that actually went bad in 2012 and 2013 when the economy was still pretty bad and that in the future there will be less of both.
Sounds like a positive indication to me,despite the scary headline. There are always foreclosures,even in the best of times.
If I read this correctly it says that the number of foreclosure auctions increased but the number of pre foreclosures actually went down. Since it often takes a year or two to get from pre foreclosure to foreclosure auction it seems to indicate that the foreclosure auctions that happened in 2014 were on loans that actually went bad in 2012 and 2013 when the economy was still pretty bad and that in the future there will be less of both.
Sounds like a positive indication to me,despite the scary headline. There are always foreclosures,even in the best of times.
Sounds like it after I re-read it. At first, I didn't really know how to interpret the news given the headline. Figured I would ask the forum to see what people think. Thanks everyone.
At the height of the financial crisis I looked into foreclosures in nyc myself. But once I saw that houses in crappy areas, which in many cases is where the foreclosures are, were only sold at about a 10% discount to other houses being listed on sites like zillow I was completely turned off.
It takes *years* for a bank to foreclose upon residential property in liberal/progressive Democratic NYS. The numbers reflect homes that have been in the pre-foreclosure and or otherwise stalled for several years.
Funny that all the % sounds so huge...yet the actual base number of foreclosure is so dingy...
yes, brooklyn had 2 foreclosures in 2013 and 4 in 2014, it was a 100% surge...maybe will surge again to 400% in 2015... then go back down 50% in 2016....
OP, the foreclosure problem is negligible for a packed city like nyc.
And it was a "100% surge" HHAHAH. I love statistics man.
Anyone think the above is going to lead to a increase in gentrification of queens in the coming years?
The bulk of the foreclosed properties in Queens are likely in the southeast section of the boro that is furthest away from Manhattan with no subway or a school district like that of northeast Queens. Anything in Queens on a subway line or in the most desired school district in NYC will likely get snatched up, but there are probably so few of them in foreclosure. Southeast Queens needs the LIRR to start running service more like a subway system to better connect them to the rest of the city. A lot of buyers in that market see no need to stick to southeast Queens due to a competitive advantage, so they open up there search to the south shore of Long Island where that can get a larger property with better schools.
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