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Foreclosure Situation is Improving, Just Not for Co-op Owners

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Propertyshark just released their second quarter foreclosures report, and things seem to be looking pretty similar to the May report. Co-op foreclosures rose from 46 this time last year to 201. First time foreclosures overall went up 61% from Q1 and were 2.4 times higher than this time last year, peaking at 66 this quarter. The news isn't all bad though, the number of new scheduled foreclosure auctions went down 56% from this time last year, now at 296. However, they went up 16% from Q1 2011. The 3,047 new Lis Pendens filed tell the same story, with a 25% decrease from Q1 2010 and 9% from this year's first quarter. But there's good news in the outer boroughs! Q2 2010, Staten Island was down 84%, Queens was down 68%, Bronx figures decreased 52% and Brooklyn was down 34%.
· PropertyShark [Property Shark]