PropertyShark's foreclosures report for the month of August has some good news and some bad news. On the happy happy joy joy side, the Bronx, Brooklyn, Staten Island and Manhattan all had fewer new foreclosures scheduled in August than in the previous month. In fact, Manhattan flirted with single-digit foreclosures in August, knocking its number down to 11 from July's 14. Yep, in light of all this depressing financial news, this report is something of a glimmer of light. Too bad PropertyShark had to count Queens.
New foreclosures in Queens shot up to 254 in August, up from 178 in July. Of the 15 NYC zip codes with the most new foreclosures, 14 of them are in Queens. The borough's contribution brought New York City's total count in August to 383, up from July's 338 and 53.2% higher than the number in August 2007. PropertyShark also monitors Miami, Los Angeles and Seattle, and all three of those major markets saw a total decrease in new foreclosures. This means that Queens is our albatross, sure, but it could also indicate that there are simply no homes left to foreclose on in those decimated cities. Some fun charts and graphs pulled from the report are above.
· PropertyShark's Foreclosure Report, August 2008 [Warning: PDF]
· RELATED: 'Greed, not race, led to housing woes' [NYDN]