Who Will Buy All Those Foreclosed Queens Homes?

Queens, once again in August, spurred a citywide spike in foreclosures.

The number of first-time residential foreclosure auctions in Queens jumped nearly 43 percent from July to August to 254, according to a new report from research site PropertyShark (PDF). That amount accounted for over two-thirds of the city's 383 first-time foreclosure auctions last month, a jump from 338 in July.

Queens, with its homeownership rate of 47 percent (according to 2006 numbers from N.Y.U.) higher than the city's 34.4 percent rate, seems fertile ground for its unenviable leadership role in residential foreclosures. The higher number of owner-occupied homes may only be exacerbating the problem.  read more »

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