The national foreclosure epidemic has definitely made its way to the city, and Brooklyn property owners are among the hardest hit. A study from RealtyTrak.com finds that the number of New York City homes in foreclosure increased 55 percent in July compared to last year, with Brooklyn foreclosures up 51 percent. There were 875 foreclosure filings in Brooklyn during July, compared to 581 in July of last year. (Among the five boroughs, Queens saw the biggest increase, with a 126 percent jump, while the Bronx’s numbers were more or less in line with Brooklyn’s.) Although the pace of New York City foreclosures still lags behind the national rate, which was up 93 percent, the report seems to be a clear indication that the city—and the boroughs in particular—won’t be exempt from the subprime meltdown affecting the rest of the country. Earlier in the week, we linked to an article that tied the fortunes of sought-after Brooklyn with Manhattan’s resilient real estate market; this report looks like further evidence that Brooklyn’s market is increasingly a story of haves and have-nots.
Sharp Jump Is Seen in Local Foreclosures [City Room]
NYC Foreclosures Rose 55% in July [Crain's]
N.Y. Foreclosure Frenzy [NY Post]
Manhattan Real Estate In a World of Its Own [Brownstoner]
Brooklyn Foreclosures Up Modestly in Second Quarter [Brownstoner]
Photo by Jimmy Legs