From the New York Daily News:
When it comes to the one-two punch of risky mortgages gone bad and a housing slump, New York has largely bucked the national trend.
But there are troubling signs city homeowners are increasingly feeling the same pain afflicting much of the country.
Foreclosure filings this spring, while actually down in much of the city, jumped 92% in Queens. Foreclosure filings also rose substantially in Manhattan in the second quarter, although the actual number totaled just 255.
“From where I sit, foreclosures are a tremendous problem,” said Carol Finegan, a foreclosure prevention counselor at nonprofit Brooklyn Housing & Family Services.
RealtyTrac, an online real estate database, reported 6,083 foreclosure filings citywide during the second quarter, including default notices issued after two or three consecutive missed mortgage payments, as well as property-auction notices. The figure was up 4% over the second quarter of 2006.
Some experts argued that the number of foreclosure filings represent a miniscule number of the city’s 3.2 million households. And filings actually dropped 15% in the Bronx, 19% in Brooklyn and 51% in Staten Island. But in Queens, the number of filings spiked to 2,555.
Like foreclosure figures, sales figures vary from borough to borough. Nationally, prices are down and the numbers of houses for sale are up.