New Foreclosures Practically Nonexistent in Brooklyn

PropertyShark’s latest report on foreclosures is showing the same trend the data company has been reporting for the past several months: The number of newly scheduled auctions in Brooklyn continues to drop. There were only eight first-time foreclosure auctions scheduled last month, which is down 85 percent from last year. There was also a citywide decrease of 6 percent year-over-year, and this is the fifth consecutive month in which foreclosures have dropped. The question continues to be whether these numbers represent a healthier local housing market or a lull before the other shoe drops. Last month Property Shark Founder Matthew Haines offered the opinion that the decline we’ve been seeing “is due to increased legal pressure” and that as “we enter a new recession, we expect homeowners to continue to have trouble making payments on mortgages that continue to far exceed the value of the underlying houses.”
Foreclosures Down Markedly Last Quarter [Brownstoner]