NYC Foreclosures Up 28.6%

http://www.nydailynews.com/money/2008/07/24/2008-07-24_high_rise_in_risk_of_foreclosure_for_new.html High rise in risk of foreclosure for New Yorkers BY LORE CROGHAN DAILY NEWS BUSINESS WRITER Thursday, July 24th 2008, 9:43 PM The number of city homeowners with foreclosure woes during the second quarter jumped 28.6% from a year ago, a sign that the city is starting to feel more of the nation's... [more]

http://www.nydailynews.com/money/2008/07/24/2008-07-24_high_rise_in_risk_of_foreclosure_for_new.html High rise in risk of foreclosure for New Yorkers BY LORE CROGHAN DAILY NEWS BUSINESS WRITER Thursday, July 24th 2008, 9:43 PM The number of city homeowners with foreclosure woes during the second quarter jumped 28.6% from a year ago, a sign that the city is starting to feel more of the nation's housing pain. Some 6,380 households - or one in every 519 - received a foreclosure-related notice, compared with 4,963 in the same period of 2007, according to real estate firm RealtyTrac. There are about 3.3 million households in the five boroughs. Last quarter, the most foreclosure-related notices, 2,692, went to homeowners in Queens, while the second highest, 1,981, went to Brooklyn residents. There were 796 foreclosure filings on Staten Island, 677 in the Bronx and 234 in Manhattan. Of the citywide total, 4,934 borrowers received default notices after missing two or three consecutive mortgage payments, 793 got word their homes would be auctioned and 653 lost their homes to lenders. Queens had the highest number of repossessions at 375. There were 130 on Staten Island, 102 in Brooklyn, 43 in the Bronx and just three in Manhattan. The number of New Yorkers whose homes were seized by banks has risen steeply in recent months. In the first quarter, 361 homes were taken by lenders. In the second quarter of last year, the total was 23. Nationwide, there were 739,714 foreclosure filings, more than double the year before, with the worst problems in Nevada, California, Florida, Ohio, Arizona and Michigan. Bank repossessions gained momentum as well. "There is a progression toward purging the problem loans out of the system - at which point the housing market can regain some sense of normalcy," said RealtyTrac CEO James Saccacio. "Of course, if another surge in defaults occurs, which could well happen later this year, it would refill the foreclosure pipeline and prolong the recovery." [less]