New York City’s Foreclosures in Perspective

newyorkcityforeclosures New York Citys Foreclosures in PerspectiveNew York City had more first-time foreclosure auctions in August than in any month since at least the spring of 2005, according to a new report from research site PropertyShark (PDF). Yes, the city notched 383 first-time residential foreclosures last month, a 53.2 percent annual increase (thanks largely to Queens). But, comparatively, that’s not all that much.

The report also dishes on other cities, notably the nation’s second largest. Los Angeles had 4,907 first-time foreclosures in August, a 158.7 percent jump from August 2007 and enough to create a foreclosure rate per household of 0.16 percent, 12 times higher than that of New York City.