Foreclosures have spiked a remarkable 433 percent in Brooklyn this year.
From January through September, 453 foreclosure auctions were scheduled, up from 85 in the same period last year, according to RealtyTrac.
A recent one-month comparison shows an even more dramatic percentage rise.
This September, there were 83 scheduled foreclosure auctions — up from 14 in September 2014, a 493 percent increase, according to RealtyTrac.
The spike is counter to a national trend that has seen a drop in foreclosure auctions to a more than nine-year low, added RealtyTrac VP Daren Blomquist.
Ironically, the hot Brooklyn real-estate market is spurring the rise.
“There was a backlog of foreclosures in Brooklyn and they were finally pushed through because people can [now] resell the homes and recoup their losses,” said RealtyTrac exec Ginny Walker.
The incentive to foreclose and then flip the acquired properties is huge.
The average flipping profit rose dramatically in Brooklyn. It is up 51 percent to $238,412 this year.
“The bottom line is that the Brooklyn market represents a perfect storm for property flipping right now,” Blomquist said.


