First-Time Foreclosures in New York City Reach 7-Year Low
By: Esther Cho
First-time foreclosures in New York City hit a 7-year low, according to PropertyShark.com, a real estate research site.
In 2012, the Big Apple saw 912 new foreclosures scheduled for auction, a 76 percent decrease from 2008 and an 8 percent decline from 2011.
Over a one-year period, Manhattan was the area within the city to experience the biggest decline in first-time foreclosures, falling 23 percent to 154.
In Queens, there were 358 first-time foreclosures, down 10 percent from 2011 and down 85 percent from 2008.
New foreclosures in Brooklyn fell to 164, down 18 percent from 2011 and 67 percent from 2008.
However, pre-foreclosure filings were up 14 percent over a one-year period, totaling 11,877 in 2012.
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