Those foreclosures, they just keep dropping—at least in New York City. That's the word from the latest Foreclosures Report from the crazy cats at PropertyShark. Overall, new scheduled foreclosure auctions in NYC (318 in total) dropped 8% from June and 7% from July 2008. The heart of the hurt came in Queens, which accounts for 63% of the overall foreclosures. Also notable: the fact that investors aren't jumping to snap up the foreclosed properties; of the 250 newly scheduled foreclosures in Queens, Brooklyn, and Manhattan, a mere 75 properties were auctioned, and of those 75, a mere nine were bought by investors (the rest were repossessed by banks).
Meantime, in Manhattan, there were just four new foreclosures in the month of July. Where did they go down? Two on 142nd Street, one on 128th Street, and one lonley outlier way down in Chelsea on West 22nd. Do check out the full map for full details.
· July 2009 Foreclosures Report [PropertyShark; PDF]