New York City Foreclosures Pick Up in Q2 2013, Reach 2-Year High

NEW YORK, Aug. 7, 2013 /PRNewswire/ -- Despite an encouraging first quarter, New York City foreclosure activity is picking up, with first time foreclosures aiming upwards for the first time in the past year. With a total of 348 properties scheduled for auction, Q2 2013 registered a 138% surge in foreclosures compared to the previous quarter, reaching what appears to be a two-year high.  

PropertyShark's New York City Foreclosure Report for Q2 2013 shows that the number of foreclosures is 39% higher than the same time last year, with only Manhattan and Staten Island showing signs of stability.

The highest quarterly growth is credited to the Bronx and Queens, the two boroughs tripling their overall number of foreclosures, accounting for 224 scheduled foreclosure auctions out of the total 348. Queens alone added a total of 129 foreclosed properties in Q2—a dramatic 169% increase from Q1.

Pre-foreclosures have steadily pursued their upward trend, reaching a three-year high in Q2 2013. With a total of 4,214 units, pre-foreclosures registered a 36% increase from Q2 2012, and a 19% increase from Q1 2013.

The co-op at 435 E 52 St #4E was the property with the biggest lien filed in the second quarter ($4,690,233), with an auction that took place on June 3.

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, 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 lis pendens, mailing lists, photos, and more. For more information or a free basic account, visit www.PropertyShark.com. 

Laura Gatea
Public relations Specialist
718-408-4928

SOURCE PropertyShark.com

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