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Taking a Bite Out of Big Apple Foreclosures

Foreclosure activity in New York City continued its 2018 trajectory with further declines in the first quarter of the year. Foreclosures dropped 5 percent in New York year-over-year in the first quarter, while pre-foreclosure activity dropped 13 percent, according to data released by PropertyShark.

Of the five boroughs, the largest increase in foreclosure activity in the first quarter took place in the Bronx, where foreclosures jumped 28 percent over the year.

The greatest decrease in foreclosure activity took place in Brooklyn, where foreclosures are down 22 percent over the year. Staten Island recorded a 19 percent drop in foreclosures.

Manhattan and Queens both recorded increases in foreclosures over the year, 6 percent and 4 percent, respectively.

In all, there were 870 first-time foreclosures recorded across New York in the first three months of the year. Queens claimed the largest share with 315, followed by Brooklyn with 214, Staten Island with 153, the Bronx with 150, and Manhattan with 38 properties in foreclosure.

While foreclosures in New York dropped over the year in the first quarter, they were up compared to the previous quarter. Staten Island was the only one of the five boroughs to experience a decline in foreclosures over the quarter, registering a 14 percent drop.

The Bronx registered a 67 percent increase in foreclosures over the quarter, followed closely by Manhattan with a 65 percent rise. In Queens, foreclosures increased 25 percent over the quarter, and in Brooklyn, foreclosures rose 20 percent.

Pre-foreclosure activity declined in all five boroughs year-over-year in the first quarter, falling 28 percent in the Bronx, 12 percent in Brooklyn and Staten Island, 10 percent in Queens, and 8 percent in Manhattan.

In terms of pure numbers, pre-foreclosure activity followed the same pattern as active foreclosures. Queens had the most pre-foreclosure filings in the first quarter with 898, and Manhattan had the fewest with 104 filings. Brooklyn (728), Staten Island (326), and the Bronx (279) fell in between.

About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

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