Because we're suckers for new, uncontextualized real estate stats, chew on this: there were 425 residential foreclosures in the five boroughs between July and September, a 20% increase over the same period last year. The data comes via the crazy kids at PropertyShark, who sent along a press release to us and the PropertyGrunt. The Grunt parses the data and sagely concludes, "A lot of people in Staten Island are having trouble understanding the concept of interest only mortgages."
· Property Shark Third Quarter Foreclosure Report [PropertyGrunt]
· NYC Foreclosures [PropertyShark]