PropertyShark: Decline in Foreclosures Continues
According to PropertyShark’s latest monthly report, the number of new foreclosure auctions scheduled in Brooklyn, as well as lis pendens filed in the borough, both continue to drop on a year-over-year basis. Last month there were 12 newly scheduled residential foreclosure auctions in Brooklyn, a 61 percent decrease from April ’10, when there were 31,…
According to PropertyShark‘s latest monthly report, the number of new foreclosure auctions scheduled in Brooklyn, as well as lis pendens filed in the borough, both continue to drop on a year-over-year basis. Last month there were 12 newly scheduled residential foreclosure auctions in Brooklyn, a 61 percent decrease from April ’10, when there were 31, and a 54 percent decrease from this March, when there were 26. Meanwhile, there was a 21 percent year-over-year drop in lis pendens filed in Brooklyn: 317 last month compared to 399 in April ’10. (However, Brooklyn had the second-highest number of lis pendens filed in the city; Queens had the most, with 373 filed last month.) Citywide, PropertyShark tallies peg the number of newly scheduled foreclosure auctions at 93 last month, a 65 percent decrease from April ’10, and the company shows a 23 percent year-over-year decline in lis pendens in the five boroughs.
PropShark: Dip in Scheduled Foreclosure Auctions [Brownstoner]
Feb Foreclosures: Downward Trend Continues [Brownstoner]
January Foreclosures: Not Much to See Here [Brownstoner]
cue horror movie incidental music…. now
this is because banks have virtually halted all foreclosures for now, due to robo-signing problems and inability to produce the note. the “shadow inventory” of properties that will ultimately be foreclosed continues to grow. all this report means is that the inevitable continues to be delayed. the only questions are (1) for how long, and (2) how big will the shadow inventory end up being? as bsb notes above, it will take years to shake it all out. when it finally does resume, it should put downward pressure on prices.
Is this related to the tremendous back-log of foreclosures in Kings county? The courts can take years to enforce the rights of lienholders — meaning that abandoned and blighted properties sit rotting for years before anyone is able to purchase clean title. Meanwhile, the houses remain nature-preserves for the city’s rodents and offer a welcoming and non-judgmental environment for persons with a shared affinity for crack to pursue their social and commercial interests.