Buyers Find FHA Homes for Sale and Foreclosures Fewer in Queens

by on Foreclosures

Those who were trying to find FHA homes for sale and foreclosed properties in Queens, New York discovered that levels of distressed properties in the borough were not as high in the 2011 first quarter compared with the same period of 2010. Properties entering foreclosures for the first time were down in the area by more than 60%.

Foreclosures for sale and distressed properties in most U.S. metro regions declined during the 2011 first quarter. In New York City, majority of boroughs posted lower foreclosure numbers over the same period. Foreclosed properties scheduled for auction during the first three months of the year in the city totaled 256, down by 67% compared with the same 2010 period when 767 units were up for foreclosure auction. Compared with the 2010 fourth quarter when 487 foreclosures were up for auction, the dip was 47%.

Foreclosures in Queens Village and the rest of the Queens borough dropped by 61% during January-March 2011 compared with the period of October-December 2010. The biggest decline though, was recorded in Staten Island, with properties entering the process of foreclosure for the first time dropping by 68% between the fourth quarter of last year and the first three months of this year.

Buyers find FHA homes for sale and foreclosed houses to have also declined in the borough of Brooklyn, with foreclosures decreasing by 41% between the 2010 fourth quarter and the 2011 first quarter. In Bronx, foreclosed property totals were down by 31% over the same period. Among the boroughs of New York City, only Manhattan recorded a rise in residential foreclosure numbers for the initial quarter of the current year.

The number of properties entering foreclosure for the first time in Manhattan during the January-March 2011 period represented an increase of 46% when compared with the October-December 2010 period. Meanwhile, foreclosures in New York decreased by 30% during the 2011 first quarter compared with the same period of last year. When compared with the last quarter of 2010, the decrease was 4%.

Foreclosures in almost all U.S. metro areas declined during the first three months of this year compared with the previous quarter and compared with the 2010 first quarter. However, analysts reported that the decrease was caused by lenders facing backlogs and was merely temporary. They added that investors and property buyers will find FHA homes for sale and distressed properties in bigger numbers in the coming months.

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