Foreclosures are rising dramatically in New York City.
In New York City, foreclosure filings in March vaulted by 150 percent,which is the biggest percentage increase in 12 months, according to the foreclosure-information firm RealtyTrac.
Foreclosures have been rising for six months straight in Brooklyn and 11 months in a row in Queens. Staten Island continues to have the highest foreclosure rate in the state, with 1 out of every 350 housing units in foreclosure.
“The trend is not only continuing but accelerating,” said Daren Blomquist, vice president of RealtyTrac.
By contrast, nationwide, foreclosure filings dropped 23 percent in March compared with the year-ago period.
Considering this, New York City’s real estate conditions have been still very difficult. Therefore it would be hard to sell your house in Brooklyn, the Bronx or Queens.
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