From the NY Post:
Roughly 40,000 homes purchased in the last five years in New York City are now underwater -- worth less than what is owed on their mortgages -- up sharply over the past year, according to a real estate market information company.
In fact, in Queens, the second-hardest hit of the five boroughs, nearly one in four of the 71,911 one-family, co-op and condo sales made in 2004-2009 is now underwater, according to Zillow.com.
The 23.3 percent of recently purchased Queens homes being underwater in the first quarter compares to 15.9 percent one year earlier. It shows that New York's foreclosure pain may be far from over.