New Yorkers can't beat the housing heat this summer - foreclosures in the city were up 67 percent in July compared to the same month last year as me loans and a cooling economy scalded homeowners.
The outer boroughs in particular felt the burn, with the number of auctioned-off homes in Queens surging 81 percent last month compared with July 2007. Staten Island registered a shocking 215 percent increase in the same period.
HOUSE OF PAIN AS CITY FORECLOSURES SOAR 67%
Manhattan didn't emerge unscathed. While only 7.6 percent more homes hit the block last month than in July 2007, there was an alarming 55 percent increase in foreclosure sales from June to July of this year.
Citywide, 2,216 residents have lost their homes to foreclosure already this year. The figure was 338 last month alone - compared to 203 in July 2007.
Queens shouldered more than half of the city's total last month, with 178 homes being foreclosed.
The borough appears to be at the epicenter of the national housing crisis, facing a triple threat of rising foreclosure rates, a 40 percent decrease in the number of homes sold in the first half of 2008, and median sale prices plummeting to $413,000 from $452,000.
Brooklyn recorded 63 foreclosure auctions, followed by Staten Island with 54 - an 86 percent leap from 29 foreclosures in June.
The Bronx had 29 home seizures in July, with Manhattan seeing 14.
"The numbers are pretty dramatic for New York City," said Propertyshark.com CEO Bill Saniford. "In Queens, it's quite scary."
Although foreclosures remain limited mainly to low-income areas, they're having a domino effect that has driving down prices citywide, said Saniford.