Finding Silver Lining in City Foreclosure Numbers

Los Angeles had 17 times New York City’s number of new residential foreclosures in May, according to a new report from research site PropertyShark. The nation’s second-largest city had 5,308 new foreclosures in May, compared with 313 in New York.

The report defined a new foreclosure as a property scheduled for a foreclosure auction during the month.

The L.A. comparison’s the good news. And so is the fact that the number of new foreclosures in New York dropped in May for the second consecutive month, falling 4.86 percent from April.

However! Compared with last spring, foreclosures in the city jumped. The May 2008 number represents a nearly 50 percent increase from the number in May 2007. As the chart above shows, there’s been a general increase in new foreclosures in 2008, especially in Queens and Staten Island.

The PropertyShark report, in fact, cites Community District 12 in Queens as the city’s “foreclosure epicenter.” The district encompasses the neighborhoods Jamaica, South Jamaica, Hollis and St. Albans; and its number of new foreclosures in May (80) dwarfed the May total for all of Brooklyn (55) and of Staten Island (47).

Finding Silver Lining in City Foreclosure Numbers