City Foreclosures Jump in July, Report Says

New York City foreclosures increased 67 percent annually and 6 percent monthly in July, according to a new report from research firm PropertyShark, which defines foreclosure as a property scheduled to have a foreclosure auction take place for the first time during the month. The city had 338 such first-time foreclosures in July.

Staten Island had the highest monthly and annual foreclosure increases in July. Staten Island foreclosures were up 86 percent monthly and 218 percent annually. Queens had the most foreclosures by volume with 178, a slight decline from June but 80 above the number in July 2007. Manhattan had the least foreclosures in July at 14.

While New York’s foreclosures increased annually and monthly in July, other cities tracked in the PropertyShark report fared much worse. In Los Angeles, first-time foreclosures shot up 249 percent annually in July; in Miami, they were up 137 percent.

The report can be read here (PDF). City Foreclosures Jump in July, Report Says