- Foreclosure rates in New York City are climbing to heights not seen since the recession.
- There were 920 NYC foreclosures in the first quarter, up a 31% year-over-year.
The number of foreclosures in the city continued to climb this year, with Staten Island and Brooklyn seeing the largest upticks in scheduled auctions.
In the first quarter of 2018, 920 homes were slated for foreclosure for the first time — a 31 percent year-over-year increase, according to a new report by PropertyShark. This represents the largest number of foreclosures seen in any quarter since 2009.
New foreclosures in Staten Island jumped 226 percent to 189, compared to 58 in the first quarter of 2017, according to the report. Brooklyn experienced a 64 percent increase year-over-year, logging 275 scheduled foreclosures.
The Bronx followed with 113 foreclosures — a 33 percent increase — and Queens had 303, representing a 13 percent decrease year-over-year. Manhattan had just 38, compared to 2017’s 36.
Foreclosures reached 3,306 citywide in 2017, marking the highest volume seen since 2009, according to a separate report by PropertyShark. It should be noted, however, that the number of lis pendens filed — the first step in the foreclosure process — was down 13 percent this quarter compared to the same time last year.
So, while scheduled foreclosures continue to rise, a slowdown may be in sight. At the same time, it’s unclear how the new tax law will impact home values, and whether it will result in a spike in mortgage foreclosures as some have predicted.
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