Sheriff Sale Houses and Properties in Foreclosure Listing Down in NYC

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The number of properties offered at foreclosure auctions and as Sheriff sale houses for the first time dropped in New York City last month compared with year-ago levels. The figure was also lower when compared with the previous month, but with a smaller difference. Year-over-year data showed that four of the five boroughs of the city recorded a drop, while one remained the same as year-ago levels.

Foreclosures for sale in Bronx remained flat in January 2011 compared with January 2010. Bronx was the only New York City borough that did not post a yearly decline in foreclosure numbers. Staten Island recorded the highest year-over-year decline as foreclosure numbers dipped by 69% in the area. Queens and Manhattan foreclosure numbers also recorded a slide as both boroughs posted a 64% drop. In Brooklyn, foreclosures fell by 60% in January 2011 compared with January 2010.

In terms of properties entering New York foreclosures sales for the first time, the whole city posted a 59% drop in January 2011 compared with January 2010. The total last month was 106, down from a year ago, when 258 properties were offered at foreclosure auctions for the first time. When compared with December 2010, the total represented a 4% drop.

Month-over-month figures for Sheriff sale houses and foreclosed properties up for auction vary among the five boroughs. For January, Manhattan foreclosed properties totaled a mere eight. However, it represented an increase of 60% compared with December 2010. Bronx also posted an increase with a total of 21 last month to record a 62% rise from December.

Brooklyn foreclosure homes totaled 17 last month, the same as the total recorded a month ago, while both Queens and Staten Island posted a month-over-month decline. Queens had 48 foreclosures in January, down 21% from December, while Staten Island had a total of 12, falling 14% from December of last year.

Although Sheriff sale houses and foreclosure filings are not as high in New York City as in most of the U.S. metro areas, local analysts believe that it will also experience higher foreclosure postings this year as the nationwide housing industry crisis is projected to reach its peak in 2011.

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