New York Foreclosures Up 39% from Year Ago

Published August 13, 2013, 4:00 p.m. EDT

1 Min Read

After an encouraging first quarter, New York City foreclosure activity is starting to pick up again, according to data from PropertyShark.

Processing Content

A total of 348 properties are scheduled for auction in the second quarter, a 138% surge from the previous quarter. The New York-based real estate information provider said this mark is reaching a two-year high.

Overall, foreclosures in New York City are up 39% in the second quarter on an annual basis, with only Manhattan and Staten Island showing signs of stability.

The highest quarterly growth is credited to the Bronx and Queens, in which these two boroughs tripled their overall number of foreclosures by accounting for 224 of the 348 scheduled foreclosure auctions.

Queens alone added 129 foreclosed properties in 2Q13, a 169% increase from 1Q13.

Additionally, through the second quarter, preforeclosures have continued their upward trend as they hit a three-year high with a total of 4,214 units. This is a 19% rise quarter-over-quarter and up 36% from a year ago.

Evan Nemeroff

Managing Editor

Evan Nemeroff joined SourceMedia in January 2011 as a reporter for Mortgage Servicing News� Managing REO. Topics that he writes about includes REO... Read full bio

MORE FROM NATIONAL MORTGAGE NEWS

HELOCs

FOA launches new reverse mortgage line of credit product

The product preserves borrower's first mortgage, and its potentially lower mortgage rate, without requiring the new monthly payments of a traditional HELOC, FOA says.

By Colin McNamara
Reporter

12m ago
CDFIs

Trump budget includes cuts to CDFI Fund

The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.

By Claire Williams
Reporter

1h ago
Originations

Spring's hot housing market just ran into a problem

Mortgage rates rising nearly 40 basis points from early-year lows have pushed some buyers out of the market, even as inventory and affordability remain better than a year ago, ICE Mortgage Technology found.

By Colin McNamara
Reporter

3h ago
Regulation and compliance

RESPA cases are rising as states fill CFPB void

Lawsuits and probes are ramping up, and some courts have broadened the lending law's statute of limitations, said Bradley Partner Jonathan Kolodziej.

By Andrew Martinez
Reporter

10h ago
Economy

Jobs rebound in March, unemployment at 4.3%

New jobs in health care largely drove the gains, while the federal workforce and finance continued to shrink.

By Ebrima Santos Sanneh
Reporter

April 3
Law and legal issues

Finance of America faces early data breach class action

Finance of America has not disclosed any incident, but a consumer filed an immediate lawsuit over a lone report of a ransomware gang's recent hack.

By Andrew Martinez
Reporter

April 3