New York City foreclosure rate down from 2009

January 24, 2011
>> Foreclosure

A quarterly report from PropertyShark.com shows that overall the foreclosure rate for New York City dropped by 32% between the 4th quarter 2009 and the 4th quarter 2010 and fell by 26% between the 3rd quarter of 2010 and the 4th quarter of 2010.

Notably, foreclosures in Queens accounted for 49% of all New York City foreclosures.

Here’s a breakdown of each borough’s foreclosure rate:

Manhattan: Decrease of 22% from Q3 2010 to Q4 2010. Decrease of 36% from Q4 2009 to Q4 2010.

Brooklyn: 91 foreclosures scheduled between Q3 2010 and Q4 2010 constituting a 14% increase. However, Brooklyn’s foreclosures are actually down 14% between Q4 2009 and Q4 2010.

Queens: Decrease of 38% from Q3 2010 to Q4 2010. Decrease of 42% from Q4 2009 to Q4 2010.

Bronx: The only borough with an increase in foreclosures since the last quarter and also since last year. A 15% increase from Q3 2010 to Q4 2010. And a 6% increase from Q4 2009 to Q4 2010.

Staten Island: Decrease of 38% from Q3 2010 to Q4 2010. (Same as Queens, but only 59 total foreclosures compared to Queens’ 239.) Decrease of 28% between Q4 2009 and Q4 2010.

So on the whole the foreclosure rate New York City is down, so the situation is improving. That, of course, doesn’t mean that everything is hunky dory. There’s still a lot of pain out there and a lot of people in trouble who need help.

If you need help with foreclosure or other debt and bankruptcy-related issues in New York, please of course feel free to get in touch with our Brooklyn NY foreclosure attorneys for a free initial consultation.

Rosenberg, Musso & Weiner, L.L.P
26 Court St # 2211
Brooklyn, NY 11242, USA
718-855-6840
http://nybankruptcy.net/

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