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ForeclosureGate Slow to Wreak Havoc in New York City

The foreclosure mess is hogging the national headlines, but locally, "robo-signing" and shoddy bank practices are less of an issue than the Yankees' starting pitching. In the recently concluded third quarter of 2010, only 659 homes in New York City were scheduled for foreclosure auction for the first time (an early step on the long road to a final foreclosure), according to PropertyShark. That's down 1% from last quarter, and down 28% from last year. Two years ago, when things were looking grim, the number was around 1,200 homes. Our robo-signers must be in the shop for repairs.

PropertyShark's numbers include single-family homes, two-family homes, co-op and condo units in the five boroughs. As usual, Queens led the way with 58% of the properties scheduled for foreclosure auction. Staten Island had the next highest percentage at just under 15%. Manhattan had only 36 properties scheduled for foreclosure auction, which was actually up nine from the previous quarter, but down 23% from last year. And now, the above chart on a graph with pretty colors!


· PropertyShark [propertyshark.com]