RELEASED ON August 1, 2011
Foreclosure Process Length Doubles in NYC; Brooklyn Sees Lowest Rate of Properties in Lis Pendens Ending Up at Auction
PropertyShark Staff | 2 minute read
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. The same study showed that the percentage of properties with a delinquent mortgage that reached the final stage of the foreclosure process seems to have decreased in the past couple of years. 20% of all properties that were hit in 2006 with a lis pendens were later scheduled for auction. In 2007, the number increased to 24%, to decline to just 15% a year later. A break down by borough for the metric presented above shows that in Brooklyn a mere 3% of the properties hit with a lis pendens in 2008 have been scheduled for auction. Only 27% of…
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.
Foreclosure Process Length in NY
The same study showed that the percentage of properties with a delinquent mortgage that reached the final stage of the foreclosure process seems to have decreased in the past couple of years.
20% of all properties that were hit in 2006 with a lis pendens were later scheduled for auction. In 2007, the number increased to 24%, to decline to just 15% a year later.
A break down by borough for the metric presented above shows that in Brooklyn a mere 3% of the properties hit with a lis pendens in 2008 have been scheduled for auction. Only 27% of those not scheduled for auction have been sold so far; the remaining of 73% have not changed their ownership.
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POSTED IN: Brooklyn Foreclosures, Manhattan Foreclosures
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