Foreclosures are still a dominant force in New York with filings increasing 53% annually in the tail end of 2012, partly due to market disruptions from Superstorm Sandy.
However, foreclosure filings fell significantly from the same time period in 2011, when various boroughs including the Bronx, Queens and Staten Island saw foreclosures increase more than 70%, according to New York University’s Furman Center for Real Estate and Urban Policy.
Citywide, the total number of households affected by foreclosure increased quarter-over-quarter. Manhattan witnessed the largest increase, with 493 households experiencing foreclosure in Q4 2012, a 91.8% jump from the third quarter.
“Increasing home prices are a good sign for the city overall, and improvements in the Bronx are promising,” said Vicki Been, director of the Furman Center. “Still, foreclosures persist in parts of the city and sales volumes varied widely between boroughs, which are signs of continued volatility.”
By the end of 2012, sales prices citywide increased nearly 2% quarter-over-quarter and more than 9% from a year earlier.
Manhattan was the only borough that experienced a decrease in sale prices in Q4.
Meanwhile, there were 2,195 units authorized by building permits during the fourth quarter, down 323 units from the third quarter, but nearly a ten-fold increase from a year earlier.
The Bronx had the highest number of new units authorized at 880 properties, and was the only borough to see an increase from the previous quarter.
Home sales volume in the city decreased 3.4% quarter-over-quarter, but increased 26.5% over the same period last year.
Volumes varied widely between the boroughs. The Bronx posted a 10% increase in sales volume quarter-over-quarter, while Staten Island saw sales decrease by more than 22%.
The Furman Center’s Quarterly Housing Update analyzes six key indicators of housing market performance and incorporates a complete picture of sales data, residential development indicators and foreclosures.
