The City Where Foreclosures Are Skyrocketing

This past January, PropertyShark’s annual foreclosure report revealed that New York City saw a year-over-year increase in foreclosed homes scheduled for auction of 58 percent and year-over-year foreclosure increases in every borough except Manhattan. Now PropertyShark has released their Residential Foreclosure Report for Q1 2018, and those trends toward higher foreclosure rates seem to be continuing in the new year.

PropertyShark’s foreclosure report for last year revealed that the number of foreclosed New York homes hit an eight-year high in 2017. During Q1 2018, the number of new foreclosure cases climbed 31 percent year-over-year. PropertyShark reports a total of 920 new foreclosures logged in NYC during Q1, up from 702 during Q1 2017. New York recorded a higher number of foreclosed homes during Q1 than during any quarter since 2009.

Breaking things down by borough, Brooklyn saw the highest increase of homes scheduled for auction in Q1, recording a 64 percent year-over-year increase. That works out to 275 homes scheduled for auction during the quarter, compared to 168 during Q1 2017—the highest number ever recorded in the borough. During Q1 2016, the number was only 79.

The Bronx saw a 33 percent year-over-year increase, amounting to 117 homes headed for auction during the quarter. While the Bronx did register a year-over-year increase, its foreclosure numbers actually dropped 41 percent below their Q4 2017 totals.

Following a significant spike in foreclosure activity during Q4 2017, Staten Island saw only a small increase between Q4 2017 (185 new foreclosures recorded) and Q1 2018 (189 new foreclosures recorded). However, like much of the rest of the city, Staten Island did record a whopping year-over-year increase of 226 percent.

For Manhattan and Queens, the news was less dramatic. Foreclosures in Queens actually decreased 13 percent year-over-year during Q1 2018. Manhattan saw a 5 percent year-over-year decrease.

You can read PropertyShark’s full Q1 2018 NYC foreclosure report by clicking here.