DataMarkets & Economy

NYC foreclosures down since Q2 but up annually

Rates fell compared to last quarter, but first-time foreclosures are up 24 percent annually
  • Scheduled auctions in New York City fell 22 percent quarter-over-quarter but rose 24 percent annually.
  • Queens held nearly half of all first-time foreclosures, with 242 affected homes in Q3.
  • Unlike the other four boroughs, Manhattan’s foreclosure rate rose quarter-over-quarter.
  • Staten Island was the only borough to post both annual and quarterly dips in first-time foreclosures

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New York City foreclosures saw monthly improvement in the third quarter, a new report shows, revealing fewer first-time scheduled auctions compared to the second quarter selling season. Despite the drop, first-time foreclosures across the five boroughs are up since last year, according to PropertyShark's Q3 foreclosure report. PropertyShark There were 525 home foreclosure auctions in NYC during Q3, compared to 673 residential properties in the previous quarter -- a drop of 22 percent. However, scheduled auctions rose annually by 24 percent. In the third quarter of 2015, NYC posted 423 first-time auctions, the report shows. Borough by borough  PropertyShark Out of all five boroughs, Queens held nearly half the scheduled first-time foreclosures in all of NYC. Compared to last year, first-time foreclosures in Queens rose 35 percent to reach 242 homes. Despite the annual boost, Queens foreclosures dropped 20 percent quarter-over-quarter. The largest portion of ...