Property Shark released its foreclosure data for the month of July, and while it looks encouraging on the surface, the real estate website’s CEO it’s just a headfake: “To me this is the lull where we’ve — psychologically speaking — felt like [we were] coming out of the recession and that’s why we see those numbers down,” said Bill Staniford. Brooklyn’s 8 percent decline in new foreclosures last month was actually the lowest of any of the boroughs, with Staten Island down 57 percent, the Bronx and Queens off 44 percent and Manhattan down 30 percent. “Brooklyn pretty much avoided the last [foreclosure crisis] because it’s a hot area,” Staniford said. “But it’s not going to escape this one.”
Despite July Lull, More Foreclosure Pain Imminent? [TRD]