Good news for the real estate industry, and for real estate businessmen like Leslie Westreich. According to PropertyShark research, The number of new scheduled New York City foreclosure auctions was down by 70% in August, when compared to August 2010. They were down 7% from July 2011.
When looking borough by borough, Queens and Staten Island had the largest drops. The foreclosure auctions in those two areas were down a resounding 80%. In addition, the upcoming foreclosure auctions fell 40% in Brooklyn and 13% in Manhattan. The foreclosures in the Bronx, interestingly enough, have remained consistent when making comparisons from this August to last August.
All of this shows a positive sign for the real estate market in New York and for the economy in general.


