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First Time Foreclosures in NYC Hit Seven-Year Low

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The good folks over at Property Shark put together their 2012 foreclosure report, and there's good news for New York City. Last year saw just 912 first time foreclosures (mapped out here and above), the lowest level in seven years. This is down 8 percent from 2011 and 76 percent since 2008, when the market collapsed and foreclosures were at an all-time high. But all five boroughs had an increase in lis pendens?the first step to possible foreclosure?pushing the total pre foreclosures to 11,877, a 14 percent uptick from last year. Property Shark's Industry Principal noted that the continued decline in foreclosures is encouraging, but because of the increase in lis pendens, "we will have to keep a close eye in the new year to see if this is the new normal, or only a small phase we are currently going through."

· 2012 Foreclosure Report [Property Shark]
· 2012 New Foreclosure map [Property Shark]