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Foreclosures Down to '07 Levels, But Brace for the Onslaught

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As Julie Satow expertly explained on the Daily Beast last week, New York's foreclosure rate has been artificially depressed because of a 90-day foreclosure moratorium passed in Albany back in August. Filings slowed to a trickle, but the freeze is over this month and banks are expected to bring down their iron fists. All this makes PropertyShark's November foreclosures report a, but what can we say? We're suckers for graphs. According to the Shark, newly scheduled NYC foreclosures have fallen to November 2007 levels, and according to last month, each borough decresed except for the Bronx. Manhattan and Brooklyn had 58% and 56% drops, respectively. PropertyShark CEO Bill Staniford put in all in perspective: "Overall, New York City foreclosures declined nicely for the second month in a row, including the trouble spots in Queens. This may be temporary though given the artificial delays in foreclosure filings due to the September New York State law."
· Foreclosure Report, November 2008 [PropShark]