More bad news on the foreclosure front, this time from Property Shark’s February foreclosure report. The report, which tracks properties scheduled for foreclosure for the first time, found that NYC foreclosures increased 13 percent from January and were up 113 percent from February ’07. Any good news? Brooklyn’s not hurting as much as Queens, where the number of foreclosures more than doubled compared to February ’07. Nevertheless, Property Shark found a 20 percent increase in Brooklyn foreclosures last month over January (there were 53), and East New York and environs had the seventh-highest number of foreclosures in the city by neighborhood. The numbers we’re looking at here don’t exactly signal an epidemic—Property Shark records 582 foreclosures in Brooklyn from Feb. ’07 through last month—but they sure don’t seem insignificant, either.
Property Shark
Report: Subprime Foreclosures Rampant in Brooklyn [Brownstoner]
Bill Would Temporarily Halt Foreclosures [Brownstoner]