Brooklyn Foreclosures Back Up Again in the 2nd Quarter

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For a while now, the Brooklyn foreclosure statistics have seemed suspiciously low based on the anecdotal evidence we were hearing about activity in some of the lower-income parts of the borough; the first quarter of 2009, at a total of 39 foreclosures, in particular, seemed too low to be true. Well, now the official stats, like the ones just released from PropertyShark.com are starting to catch up. In the second quarter, the number of foreclosures in Brooklyn increased 92 percent to 71. While large in percentage terms, the total number was still the lowest among the outer boroughs (Queens is still far and away the worst off, with 610 foreclosures in Q2) and 12 less than in the fourth quarter of 2008. Overall, these absolute numbers still feel low, but maybe it just takes such a long time for the problems to make it to the point where they are officially recorded as being in foreclosure.

By Brownstoner |