Tag Archives: RealtyTrac

Home repossessions drop to lowest since 2007; Queens shows less improvement


| ctumola@queenscourier.com


Foreclosure stats show a recovering housing market, but national improvements are stronger than Queens figures.

According to the February 2013 U.S. Foreclosure Market Report from RealtyTrac, a leading online marketplace for real estate data, U.S. bank repossessions have dropped 25 percent from last year, the lowest level since September 2007.

Numbers in Queens, however, were up compared to February 2012.

Since the recession began, bank repossessions in the borough reached their highest peak in October 2008 at 320.
Those numbers significantly dropped over the last few years, but went up from 14 in February 2012 to 24 a year later.

Foreclosure filings increased even more during that same period from 44 to 345. The jump can be mainly attributed to the sharp increase in default notices.

After monthly numbers in the hundreds and thousands since the beginning of 2007, there were only seven default notices in February 2012. Since May of that year, numbers went back into the hundreds, with 297 in Queens County last month.

 

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