New York sees big increase in first-time foreclosures

The number of first-time foreclosures in New York City surged 79 percent year-over-year in Q3 2017, with 859 homes scheduled, compared to 481 in Q3 2016, according to a report from PropertyShark.

After a peak in foreclosure activity during this year’s second quarter, with 911 new foreclosures scheduled across all five boroughs, the third quarter brought a slight slowdown, falling six percent quarter-over-quarter.

By property type, single- and two-family homes have seen the highest increases in Q3 2017.

The figures in the latest foreclosure report from Property Shark show all five boroughs registered increases in the number of homes scheduled for auction, though Staten Island, the Bronx, and Brooklyn saw numbers skyrocket compared to Q3 2016.

Foreclosed homes in the Bronx reached record levels in Q3, up a striking 145 percent year-over-year with 247 homes scheduled for foreclosure.

Zip code 10469 had the highest number of new foreclosures: 32 homes were scheduled here in Q3 2017.

Not far behind, zip codes 10462, 10473, 10466, and 10465 all had close to 30 new cases each, showing a concentration of foreclosure activity in the eastern half of the borough.

Brooklyn foreclosures are up 118 percent year-over-year, and down 22 percent compared to Q2 2017, according to the Property Sharke report.

While compared to the previous quarter’s count of 264 homes scheduled for auction, Q3 2017 seems to have brought some respite for Brooklyn, the number of homes headed for auction is still high. Q3 2017 brought a 118% year-over-year jump, given that 205 homes were headed for the auction block. When looking at Q3 2016, only 94 new foreclosures were recorded in the borough.

Zip code 11236, covering Canarsie, had the most cases filed – 32 homeowners here saw their homes scheduled to be auctioned in Q3 2017. East NY, Canarsie, and the Flatlands are usually the scene for the highest number of cases
in Brooklyn, but this time Property Shark noticed increases in Southern Brooklyn zip codes as well.

In Staten Island, new foreclosure cases surged 246 percent year-over-year, down 24 percent quarter-over-quarter. There were 105 foreclosures scheduled in Q3 2017.

Back in Q3 2016, Queens accounted for almost half of new foreclosure cases in NYC, however, foreclosures in 3Q dropped 26% quarter-over-quarter and settled in at 288 cases.

Manhattan continues mostly unaffected by foreclosure activity. The borough still has a low number of cases and almost no fluctuation.

While foreclosures are still a rare sight here as 39 homes were scheduled, Manhattan did make the news several times this summer due to big ticket auctions scheduled for two separate units at the luxurious One57.

Comments are closed

COPYRIGHT 2015 REAL ESTATE WEEKLY. ALL RIGHTS RESERVED.