New York’s housing woes show signs of easing.
Foreclosure filings in New York state plunged 31 percent in March, snapping a two-year uptrend.
In Queens, filings fell 25 percent; in Staten Island, they dropped 26 percent; and in Brooklyn filings declined 35 percent in March 2014 versus March 2013, according to RealtyTrac.
“This is a fairly major shift in the numbers, after 23 consecutive months of foreclosure activity rising in New York state,” said Daren Blomquist, vice president at RealtyTrac. “That’s playing out in the boroughs as well.”
In addition, the share of borrowers who owe more than their house is worth — the so-called underwater homeowners — totaled approximately 10 percent in the first quarter, down from a peak of 12 percent in the third quarter of 2013, according to RealtyTrac.
However, two of the other key benchmarks RealtyTrac monitors — scheduled foreclosure auctions and bank repossessions — rose sharply.
Statewide, scheduled foreclosure auctions jumped 59 percent in March, while bank repossessions soared 75 percent.
Foreclosures and repossessions have a dramatic effect on the real estate market for nearby homes. In New York, foreclosed properties sell at a 35 percent discount to homes not in foreclosure, according to RealtyTrac.