NYC residential foreclosures soaring

Queens had more than 500 foreclosures during the first quarter of 2008, researcher says.

(Crain's New York) -- Residential foreclosures in New York City climbed 66% in the first quarter of 2008, compared with last year, according to housing research site PropertyShark.com. Most of the increases came from Queens and Staten Island. Queens led with 508 foreclosures, up 59% from the first quarter of 2007. That’s more than the other four boroughs reported combined. “While Manhattan foreclosures are still almost nonexistent, Queens has single-handedly taken New York City foreclosure levels to new heights,” noted Ashleigh Rose Clark, a PropertyShark.com data acquisitions manager, in a written statement. The Queens neighborhoods of Jamaica, Hollis and St. Albans reported the biggest increases. Staten Island had 174 foreclosures, quadruple from the year-earlier period. Brooklyn had 140 foreclosures, up 9%, while the Bronx reported 73 foreclosures, up 55%. With 23 foreclosures, Manhattan had the lowest number, which was down 8%.