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A Drop in Foreclosure Activity

Across the country, reports have come in showing decreases in foreclosure activity. In the New York City area, Property Shark reports foreclosures have dropped 15 percent year-over-year in Q1 2017. Most areas of the city note drops in foreclosure activity, except for Brooklyn. Brooklyn was the only borough of New York City to report an increase in foreclosures, increasing 24 percent over 2016.

Other areas of the country have seen drops in foreclosure activity. For February 2017, Black Knight reported 1.31 percent year-over-year drop in foreclosure starts. Foreclosure starts dropped by nearly 18 percent month-over-month in February to 57,900, coming off of January’s jump, which Black Knight called a “normal byproduct of the typical Oct-Nov yearly peak in serious delinquencies”.

Black Knight data shows that there was a total of 2,605,000 homes in foreclosure or past due at the end of February, a negative difference of 302,000. The current number of homes in foreclosure is at 470,000, the lowest level since June 2007.

New York seemed to follow this trend. 2016 saw a heavy increase in foreclosed properties in the city, and the 15 percent drop in 2017 came as a relief. First tome foreclosures dropped 11 percent in Q1 2017 as well.

Areas like the Bronx had a particularly rough 2016, with a jump in foreclosures of around 37 percent. However, Q1 2017’s foreclosure data revealed similar drops as the rest of the city, as foreclosures fell 33 percent in Bronx. Property Shark reports that 68 homes were scheduled to be auctioned in the Bronx in Q1 2017, a drop from 102 in Q1 2016.

Pre-foreclosures have been dropping in New York City for several years. Property Shark notes that 3,082 homeowners had a lis pendens case on their property in Q1 2017, a 16 percent decrease from 2016.

View the full report from Property Shark here.

About Author: Seth Welborn

Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer.

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