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First Time Foreclosures in the City Reach 2-Year Low in Q3 2011


The number of new scheduled NYC foreclosure auctions was down 69% in Q3 2011 compared to Q3 2010, and was down 33% from Q2 2011.

First Time Foreclosures in the City Reach 2-Year Low in Q3 2011
New York, NY, October 13, 2011 --(PR.com)-- PropertyShark.com, the premier real estate research site, released its quarterly report covering first-time residential New York City foreclosures for Q3 2011.

Key Report Findings

- The number of new scheduled foreclosure auctions in New York City in Q3 2011 (207) saw a 69% decrease compared to Q3 2010 (659) and a 33% decrease from Q2 2011 (311)
- Manhattan was the only borough recording a Y-o-Y increase in first time foreclosure auctions. The current number, 41, is up 14% from Q3 2010 and down 45% from Q2 2011
- With new scheduled foreclosure auctions down 85%, Staten Island recorded the highest decrease over Q3 2010
- Queens foreclosures were also down significantly: 79% compared to Q3 2010 and 28% from Q2 2011
- With 31 first-time scheduled foreclosure auctions in Q3 2011, Brooklyn comprised 15% of new foreclosures in New York City. This number is down 61% compared to Q3 2010 and down 45% compared to Q2 2011
- Bronx foreclosure auctions recorded a 36% drop from Q3 2010 and a 26% drop from Q2 2011.

PropertyShark.com aggregates real estate data from hundreds of public and proprietary sources into an easy-to-use yet comprehensive property research website covering two dozen major markets. Site visitors can view detailed property reports for almost every residential or commercial property, scan recent sales comparables of similar properties to determine market values, browse foreclosure listings, and much more.

About PropertyShark
A wholly-owned subsidiary of Yardi Systems Inc, PropertyShark.com offers the information essential for evaluating real estate and making informed decisions. PropertyShark.com, which was named one of TIME.com’s “Top 50 Websites of 2009″, provides real estate professionals, investors and home buyers with data and tools on all aspects of property, including building details, ownership information, recently sold homes by zip code, property values and comparable sales, sophisticated maps, for sale and for lease listings, foreclosures and pre-foreclosures, mailing lists, photos, and more. PropertyShark.com was founded by Matthew Haines in 2003. For more information or a free basic account, visit www.PropertyShark.com.

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Contact Information
PropertyShark.com
Matt Wilson
718-715-1758
Contact
www.PropertyShark.com

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