In obvious contrast to the other four boroughs, each experiencing a decrease, Queens stood alone recording a large increase in August 2008 compared to July 2008. The current number (254) is up 113% from August 2007, and up 43% from July 2008, setting a two-year high for Queens. All the other boroughs experienced an improvement in the number of new foreclosures compared to July 2008. Brooklyn was down 29%, Manhattan by 21%, the Bronx by 17%, and Staten Island down 9%.
• 73% of Queen’s foreclosure auctions were unsuccessful: From July 2007 to July 2008, 73% of Queen’s foreclosure auctions were unsuccessful and went back to the lender. Out of the 73%, almost 3/4 have still not been resold and are still in the lender’s possession.
This info comes from a Property Shark report.