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Foreclosures Spike in May; Co-op Foreclosures at Two Year High

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Looks like the dip in foreclosure filings the past few months really might have been due to new paperwork required by lawyers to ensure "no false statements" before bringing a foreclosure claim. The holiday must have been sweet for those in trouble, but a Property Shark report shows this past May saw a significant rise in foreclosures and auctions. In fact the number of co-ops going on the auction block is the highest in two years at 90. Foreclosures in Manhattan rose 33% to 32 new foreclosures from April to May, and there were about 10 times more foreclosures this May than in May of 2010. New scheduled foreclosure auctions throughout the city went up 23% from April, but are down 38% from this time last year. In Brooklyn they went up a stunning 75% and Queens saw a 38% spike. Pre-foreclosures were also up 10%. Good news? Foreclosures in the Bronx between April and May were down 42% and Staten Island got a 25% decrease.

· PropertyShark [Property Shark]