New York City home prices grew modestly in the final quarter of 2012, rising two percent over the previous quarter and more than nine percent since the fourth quarter of 2011, according to the Quarterly Housing Update (PDF) released by NYU’s Furman Center for Real Estate and Urban Policy.
Meanwhile, foreclosure filings in New York increased 53 percent in the fourth quarter of 2012 compared to the fourth quarter of 2011, although they are down significantly since their peak in the third quarter of 2009. The Bronx, Queens and Staten Island each saw foreclosures increase more than 70 percent over the fourth quarter of 2011.
The total number of new foreclosure filings in New York City is essentially unchanged from the third quarter of 2012, although the fourth quarter of 2012 was also atypical, given that Superstorm Sandy occurred one month into the quarter.
