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Pre-Foreclosures Spiking in the Big Apple

Pre-foreclosures have risen 13% year-over-year in New York City, according to the latest data from PropertyShark [1]. Quarter-over-quarter they have registered a spike of 31%.

Property Shark's Q2 foreclosure analysis [2] for NYC indicated that the metro saw a total of 3,070 properties entering the pre-foreclosure stage for the first time. According to the report, foreclosures in the Big Apple are likely to increase in the coming quarters based on these numbers.

In fact, each borough saw significant spikes, in this trend with the largest ones occurring in Brooklyn (43%), Staten Island (43%), and the Bronx (41%). Manhattan and Queens saw pre-foreclosures increasing by 17%.

At present though, foreclosures seem to be stable in the city. The report indicated that first-time foreclosures decreased by 4% year-over-year in Q2 with a total of 847 properties foreclosing during this period.

The city also saw a quarter-over-quarter contraction of 3% in unique cases.

Breaking down the foreclosure numbers by borough, the report said that cases in Queens dropped 9% year-over-year. However, quarter-over-quarter the borough saw the largest number of foreclosure cases with a total of 324 homes hitting the auction block in Q2.

At 13% Brooklyn saw the largest quarter-over-quarter percentage increase in foreclosures as well as a 7% uptick in foreclosure year-over-year. A total of 242 residential properties were foreclosed in the borough. Brooklyn also saw 1040 unique cases of pre-foreclosure filed in Q2, marking a year-over-year uptick of 21%.

Another borough that saw an increase in foreclosures was Staten Island, the report noted. In Q2, foreclosure activity here increased 9% with 159 homes being foreclosed in the area. Staten Island also tied with Brooklyn for quarter-over-quarter pre-foreclosure spikes. The borough saw the largest increase in lis pendens, up 23% year-over-year.

The report indicated that the steepest drop in foreclosure activity occurred in the Bronx, where only 96 homes headed to the auction block. Year-over-year foreclosure cases dropped 24%, and 36% quarter-over-quarter in this borough.

While foreclosures in Manhattan remained largely unchanged year-over-year it saw a quarter-over-quarter drop of 32%.