Manhattan and Queens reached the same level of first-time foreclosures in November.
New York City’s first-time foreclosures dropped slightly for the sixth consecutive month in November. This number is down 61 percent from November 2010 (146), and down 5 percent from October 2011 (60). Queens foreclosures decreased 77 percent compared to the previous year. In contrast, Manhattan foreclosures doubled, reaching in November 2011 the same level as Queens (16 new scheduled foreclosure auctions).
Despite the low number of new scheduled foreclosure auctions, preforeclosure filings remained steady. There were 715 residential properties in the five boroughs that received lis pendens filings in November 2011, only 2 percent less than in November 2010.