Since 2018 began, first-time foreclosures in New York City have consistently declined, and the third quarter has only seen this trend extend, according to a report by PropertyShark. Foreclosures in the city’s five boroughs are down overall 17 percent year-over-year, or 19 percent if one calculates from one quarter to the next. This is a noticeable drop, with 716 unique cases reported this quarter—the first-time foreclosures in the city have fallen below 800 for the first time since the first quarter of 2017. Citywide, pre-foreclosures dropped 36 percent year-over-year, or 15 percent if one calculates quarter-over-quarter.
The report reveals that certain parts of the city witnessed the number of foreclosures drop significantly more than others, and a couple of major neighborhoods even saw their foreclosure rates stagnate. Of all the New York boroughs, Queens was the only one that saw an increase in foreclosures year-over-year. But this increase is slight—at just 5 percent— and can be interpreted as leveling off since, quarter-over-quarter, the neighborhood still saw a 15 percent contraction, the report said. Brooklyn meanwhile saw its number of first-time foreclosures barely budge, dropping just 1 percent year-over-year but still falling a full 10 percent since Q2.
The other three boroughs, however, saw their number of foreclosures drop dramatically this quarter, the report indicated. The largest dip was seen in Manhattan, where just 22 properties foreclosed on marks an impressive 44 percent decrease. This breaks a record for lowest number of foreclosures in Manhattan since the first quarter of 2014.
The Bronx saw the second largest decline in foreclosures at 43 percent year-over-year, though there was an increase of 10 percent since last quarter. Staten Island also saw a very sharp decline in foreclosures, a total 40 percent year-over-year or—even more striking—67 percent if one calculates quarter-over-quarter.