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Foreclosures Surge in Manhattan in Q4 2011, But Are Down Everywhere Else in NYC


Foreclosures Surge in Manhattan in Q4 2011, But Are Down Everywhere Else in NYC
New York, NY, January 24, 2012 --(PR.com)-- PropertyShark.com, a New York based property search and foreclosure listings website, released its quarterly report covering new scheduled foreclosure auctions in New York City for Q4 2011.

Key Report Findings

· NYC foreclosures recorded a sharp fall as a consequence of the bank moratorium, making 2011 the year with the lowest number of foreclosures in the last seven years. The 996 first-time foreclosures recorded in 2011 are down 61% compared to 2010 (2,579) and down 74% from the peak recorded in 2008 (3,874).

· In Q4 2011, the number of new foreclosures increased slightly by 7% from the previous quarter and was down 54% compared to Q4 2010.

"The impressive drop in foreclosures merely represents a delaying of the inevitable. Thousands of homeowners are behind on their mortgage payments or have stopped making them altogether. Once a mortgage falls into default, punitive fees and interest rates kick in, and the homeowner has little chance of recovering. I expect that thousands of home foreclosures that are currently delayed will eventually make their way through the system," stated Matthew Haines, Founder of PropetyShark.

· Manhattan was the only borough recording a year-over-year increase. The 193 first-time foreclosures recorded in 2011 are up 28% compared to the value in 2011 (151). In Q4 2011 there were 37 first-time foreclosures in Manhattan, 32% more than in Q4 2010 (28).

· Although it continues to comprise 40% of the NYC foreclosure activity, Queens (89) recorded a significant 63% Y-o-Y decrease while Brooklyn foreclosures decreased 58% from 91 in Q4 2010 to 38 in Q4 2011.

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About PropertyShark
A wholly-owned subsidiary of Yardi Systems Inc, PropertyShark.com offers the information essential to evaluate real estate and make 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, recent sales prices, property values and comparable sales, sophisticated maps, for sale and for lease listings, foreclosures and pre-foreclosures, mailing
Contact Information
PropertyShark.com
Matt Wilson
718-715-1758
Contact
www.PropertyShark.com

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