Foreclosed properties in NYC

The report analyzes the outcomes of 1-4 family properties that entered foreclosure in New York City between 1993 and 2007, paying particular attention to trends in recent years. The report finds that of properties that received a foreclosure filing in 2007, more than half have not completed the foreclosure process, while 12% of those properties have completed the foreclosure process and are now bank-owned. The report identifies a current inventory of 1,750 bank-owned (termed Real Estate Owned or "REO" by lenders) properties citywide--up dramatically from about 290 at the end of 2006. While the overall number of REO properties in New York remains small compared to harder hit cities, the report finds that these properties are highly concentrated in Eastern Queens, Central Brooklyn, and the North Shore of Staten Island--not surprisingly, the same neighborhoods that have been hardest hit by the mortgage crisis.