Thanks very much to Brian Scully over at Property Shark for providing TrueGotham readers an early look at the key takeaways from their NYC Q4 Foreclosure Report:
Here are the Key Takeaways:
• Reversing course from the upward trend of the prior 3 quarters, Q4 2007 saw a 13% decrease in new foreclosures over Q3 2007. However, the number is 71% higher than Q4 2006.
• New foreclosure auctions in Staten Island rose by 53% compared to last quarter, while all other boroughs experienced a quarterly drop between 10-30%. Compared to Q4 2006, new foreclosures in Staten Island jumped by 223%, the highest increase among all boroughs. All boroughs increased compared to Q4 2006. “Incredibly, Staten Island now has more first time foreclosures than Brooklyn, despite being one-fifth the size in terms of household numbers.” – Ashleigh Rose Clark, data acquisitions manager, PropertyShark.com
• Comparison to Q3 2007: Los Angeles (up 24.47%) and Miami (up 26.85%) continued their upward trend in first time foreclosures with both counties setting quarterly records compared to the prior 8 quarters. After dipping in Q3 2007, Seattle foreclosures jumped by 43.42% while New York City saw a decrease of 13.32%.
• Comparison to Q4 2006: Scheduled foreclosure auctions in Los Angeles, jumped 235% compared to the fourth quarter of 2006, while Miami increased by 156% and New York City by 71%. Seattle foreclosures decreased by 2.7% compared to Q4 2006.
• Foreclosures per Household: Of the four cities, Miami again had the highest foreclosure rate per household, 5 times higher than Seattle, and over 12 times higher per household than New York City.
Anyone from Staten Island care to elaborate on your market? The sky seems to be falling in Staten Island, Los Angeles, and Miami while NYC saw a 13.2% decrease in foreclosures.