Ryan Slack from PropertySharks.com talks about the foreclosures in all five Boro's. He explains that while all areas of NY have seen an increase - he is mostly worried with Queens and the rate that homes are coming up on the foreclosure list. I will admit it - I have seen a large incline in the number of homes that are pending or are in foreclosure, but keep in mind - when the analysts speak of Queens, it is not the Bayside, Whitestone, Flushing, Malba or Beechhurst area. They are talking more of Kew Gardens, Forest Hills, Rego Park, Woodhaven, Jamaica, Rockaway, Elmhurst and surrounding areas.
Tina Mattow the Marketing Communications Coordinator from PropertyShark.com sent me the final 2nd Quarter Foreclosure Report plus a couple quick screen shots of the data that they have collected.
Just by looking at the chart (I am only talking about the Queens 2nd quarter 2006 and the 2nd quarter 2007). You can clearly see that the foreclosures noted have just about doubled!
I think that the third quarter will be the most important to this graph. If you look at the fourth quarter of 2006 it was one of the lowest in two years, so with that being said I think the third quarter for '07 will set the marker and will really give us a sense of where this market is going. Hopefully we see some correcting itself here.