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Foreclosures On The Rise Citywide


Foreclosure.jpgNYC – The housing crisis has hit the city hard in recent months with scheduled foreclosures rising at a steep rate. According to real estate website PropertyShark.com, scheduled foreclosures were up 67 percent in July, compared to July 2007.

Staten Island is suffering the most, with scheduled foreclosures up more than 200 percent.

The site says expected foreclosures rose in Queens by more than 80 percent and in Brooklyn by 63 percent. Levels also rose in the Bronx and Manhattan.

The numbers reflect homes that are in the process of foreclosure and can still be saved.

The site says more than 2,000 city homes were completely lost this year, with more than 300 cases occurring in July.

The majority of these homes were in Queens, where there is also a 40 percent decrease in home sales this year.

(Source: NY1)



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