Archives For Brooklyn Foreclosures

Articles on Brooklyn foreclosures. Read distressed properties stats, insights into the foreclosure process and interesting auctions happening in Brooklyn.

NYC First Time Foreclosures Reach 2-Year High

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While just a few months back NYC foreclosures recorded a new low, second quarter foreclosure activity experienced a sizeable growth.

NYC Scheduled Foreclosures Q2

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NYC foreclosures recorded a new low in the first quarter of this year, according to our quarterly report. However, pre-foreclosures continued their upward trend, reaching a two-year high.

Down a significant 29% year over year (146 compared to 206), and 33% over Q4 2012, the number of new NYC foreclosures is now the lowest since the beginning of the real estate meltdown. 

Take a look at the chart below to see the trend in foreclosures for the past 8 quarters: Continue Reading…

NYC Foreclosure Auction Postponed 23 Times

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Settling a foreclosure case in the NYC courts can take a surprisingly long time, sometimes even more than 6 years.  A PropertyShark in-house analysis based on our foreclosure data indicates that certain NYC homes in distress have had their auction postponed more than 20 times.

A postponed foreclosure auction can give homeowners more time to find solutions for paying off their outstanding mortgages or selling their homes. While some use the time to bring mortgage payments up to date, according to an article in CNN Money, others may continue to live in their houses without making mortgage payments, sometimes even for years. If people in the second group were to pay rent in, let’s say, Brooklyn NY, they would have to pay more than an average of $2,500/month  for a two-bedroom apartment. In four years, the amount could add up to around $120,000 in rent savings.

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Chart of the week: Commercial Foreclosures in NYC

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The number of commercial foreclosure auctions in NYC remains very high (116) in the second quarter of 2012, second only to Q1 2012 (117) within the last four years.

While all boroughs registered high numbers of foreclosure filings, Brooklyn broke the last four years’ record, with 46 commercial foreclosures filed in Q2 2012. Continue Reading…

Bidding War for Brooklyn’s 836 Prospect Place?

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Well, we’re just speculating, but Brownstoner reports that 836 Prospect Place was auctioned two days ago for $810,000. That’s a whole lot more than the minimum bid of $500,000 at which the auction was supposed to start.

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New York State Office of General Services will sell at public auction 836 Prospect Place, a landmark Crown Heights single-family home.

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The length of the foreclosure process has doubled in New York City over the past three or four years, an in-house study made by our data analysts showed. The average number of months it took for a delinquent mortgage to reach the final stage of the foreclosure process, that is to be scheduled for auction, was 24 in 2011. By comparison,  the average number of months was 12 in 2006 and 2007, and 13 in 2008.

The value  ranged between 20 months in Manhattan and 22 in Queens and Staten Island to 27 in the Bronx and 29 in Brooklyn.

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Number of First Time Foreclosures in Brooklyn Down from October Peak

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Among the five boroughs, Brooklyn and Staten Island were the only two that registered an increase in the number of new scheduled foreclosures in November 2010. There were 26 properties scheduled for foreclosure auction for the first time in Brooklyn, up 30% from the same month in 2009, but down 50% from October 2010.

Brooklyn zip code 11207 (East New York, New Lots, City Line, Starrett City) was among the top 8 zip codes for new scheduled foreclosure auctions.

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Brooklyn foreclosures back to same level as this time last year

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Among the five boroughs, Brooklyn registered the second highest number of new scheduled foreclosure auctions (52), comprising over 21% of foreclosures in New York City (247) in October 2010. This number is the same as October 2009 and up 126% compared to the September 2010. Brooklyn zip codes 11233 (Ocean Hill, Brownsville) and 11236 (Canarsie, Flatlands, Marine Park, Mill Basin, Bergen Beach) were among the top 7 zip codes for new scheduled foreclosure auctions.

brooklyn_chart_october

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New foreclosures down 35% in Brooklyn

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There were 80 new scheduled foreclosure auctions in Brooklyn in the third quarter of 2010. This number is down 35% from the same quarter in 2009 and up 8% from the previous quarter of 2010. Brooklyn accounted for 12% of New York City’s total new foreclosure activity in Q3 2010.

brooklyn_chart_q3_2010

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