The Post reported that, when comparing July 2008 figures to July 2007, foreclosures were up 67%. Here's how it broke down by borough: A 16% increase in the Bronx; up 63% in Brooklyn; up 7.6% in Manhattan (but a 55% increase between June and July of 2008); up 81% in Queens (half the foreclosures there were); and up 215% on Staten Island. The Post adds that Queens "appears to be at the epicenter of the national housing crisis," what with high foreclosure rates, the low number of houses sold, and median sale prices dropping. PropertyShark.com CEO Bill Saniford said, "The numbers are pretty dramatic for New York City.l In Queens, it's quite scary."
Published Aug 4, 2008
Modified Aug 4, 2008
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