NYC Foreclosures Declined in November But...

While the number of NYC homes in foreclosure declined in November, things look to be rocky ahead. Property Shark CEO Bill Staniford explained that since the 3-month moratorium on NY State foreclosures expired last month, "There could be a spike of foreclosures in December." As for November data, the Observer reports, "Queens, once again, led all boroughs in foreclosures with 172 in November, with a good bulk of those centered on the subprime hub of Jamaica. Staten Island is next with 47, followed by Brooklyn with 21, the Bronx with 13 and Manhattan with five." Crain's breaks it down like this: In SI, "one in every 3,511 homes" is scheduled for a foreclosure auction, while in Queens "one in every 4,505 homes fac[es] foreclosure." And in Manhattan, it's "one in every 146,400 homes" is headed for foreclosure auction.

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By Jen Chung in News on December 4, 2008 4:52 PM

Comments [rss]

NannyState

The metric to watch is sale listings which will be through the roof next year.

MrManhattan

>>It is worth noting that Queens and SI, with the largest number of foreclosures, also have significantly higher rates of owner-occupied housing than the other boroughs.

I have to wonder how "Curbed" would spin this quote?

"Queens and SI: Great places to invest if you don't want to live there"

west side Michael

We cannot have all the foreclosures that are

scheduled as we do not have enough city Marshall's

to enforce the court eviction orders.

Usually it's a political plum kind of job that

keeps the appointees way down.

Jen Chung

@kane--thanks for pointing that out.

dbc

It is worth noting that Queens and SI, with the largest number of foreclosures, also have significantly higher rates of owner-occupied housing than the other boroughs.

rcltrh

People who lose their house should also be fined and part of that fine could be used for congestion pricing, renaming bridges, LIRR retiree disability pay, or for the city deficit. Taxing a foreclosure? WTF? I think people who are losing their houses cannot afford another tax?

Huffy6241

There should be a tax on foreclosures and part of the tax money used to fund the MTA deficit AND more bicycle lanes. The other portion of the forclosure tax could be used to promote congestion pricing or could be used to help people in foreclosure.

kane

I hate to sound like a dick, but it seems that the only grammatically correct portions of this post are the direct quotes.

Property Shark CEO Bill Staniford explained that since there a 3-month moratorium on NY State foreclosures expired last month, "There could be a spike of foreclosures in December."

What?