Queens Leads Citywide Foreclosures Spike

Foreclosures increased in New York City from the fourth quarter of 2006 through the first quarter of 2007, according to a new report, with Queens leading the boroughs. New residential foreclosures jumped citywide 56.5 percent quarter over quarter, according to the report out on Thursday from PropertyShark.com.

The number of new foreclosures in the first quarter–554–was the highest amount going back to the first-quarter 2006 total of 559. Of the 554 this past quarter, 319 originated in Queens. Only 25 did in Manhattan, and 34 in Staten Island. Brooklyn had the second-highest number of new foreclosures among the boroughs at 129, and the Bronx the third-highest at 47.

What to make of the foreclosures spike? Well, New York’s still not as bad as Los Angeles and Miami, both of which, according to PropertyShark, recorded much higher amounts of new foreclosures in the first quarter. Miami had 987, and L.A. 2,453.

Also, New York had high foreclosure numbers in early 2005, at the height of the housing boom, higher than what the city’s experiencing in early 2007, when the boom’s supposedly over. And, Manhattan continues to have fewer foreclosures than the other boroughs, especially Queens and Brooklyn, which continue to lead the city.

In fact, the 20 New York City zip codes with the most first-quarter foreclosures fall in those two boroughs, with zip codes 11434 and 11433 (Jamaica, South Jamaica, Hollis and St. Albans) having the most.

– Tom Acitelli

Queens Leads Citywide Foreclosures Spike