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,
was the NYC borough that
saw the most significant drop in first-time foreclosures, a 23% decrease. There were 154
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;
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
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
. 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."
Click to see the entire
PropertyShark annual foreclosure report
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,
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