NYC pre-foreclosures reach a 2-year peak in Q3 2012 while first-time foreclosures still fluctuate

PropertyShark.com, a New York based property search and foreclosure listings website released its quarterly report covering first-time residential New York City foreclosures for Q3 2012.

Key Findings

In Q3 2012 there were 228 first time foreclosures in New York City. This represents a 9% decrease compared to Q2 2012 (251), but a 10% increase compared to Q3 2011 (207).

In the third quarter of 2012, NYC lis pendens continued to rise. The current number (3,410) is up 10% over Q2 2012 and is the highest value registered in the past two years.

"Although the number of first-time scheduled foreclosure auctions hasn't gone up, it doesn't mean that the tension is gone," said Andrew McElhone, the Industry Principal at PropertyShark. "The foreclosure moratorium as well as the mortgage settlement, signed in February, have been artificially keeping the number of auctions down."

Manhattan foreclosures (49) accounted for 21% of NYC's total new foreclosure activity in Q3 2012. The number was up 20% over Q3 2011 and up 29% over Q2 2012.

Queens foreclosures registered the lowest value in the past two years in Q3 2012. The 77 first-time foreclosure auctions were down 27% from Q2 2012 and down 6%from Q3 2011.

For more details visit
http://www.propertyshark.com/Real-Estate-Reports/2012/10/08/nyc-foreclosures-pins-and-needles-pre-foreclosure-q3-2012/

About PropertyShark
A wholly-owned subsidiary of Yardi Systems Inc, PropertyShark.com offers the information essential to evaluate real estate and make informed decisions. PropertyShark.com, which was named one of TIME.com's "Top 50 Websites of 2009", provides real estate professionals, investors and home buyers with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, for sale and for lease listings, foreclosures and pre-foreclosures, mailing lists, photos, and more.