Don’t get too comfortable homeowners – the city’s foreclosure rate is skyrocketing, up a startling 66% in the first quarter of 2008 compared to last year, according to Crain’s and the housing research site Property Shark. Queens saw more foreclosures than the four other boroughs combined, with 508 in the first quarter, up 59% from the same period in 2007.
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Foreclosures Skyrocketing in Queens and Staten Island
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