Overall, the foreclosure rate in New York City has remained nearly steady in recent months, however, the picture is different if you drill down into Manhattan and Staten Island.
Citywide, foreclosures were up 1 percent year over year, according to a third quarter report by PropertyShark, but both Manhattan and Staten Island showed a jump in foreclosure activity.
A total of 723 residential properties hit the auction block over the last quarter, proving that the city’s foreclosures are still relatively high, with 700 to 800 new cases quarterly since the beginning of 2018, according to the report. Foreclosures in the Bronx, Brooklyn, and Queens have been trending downward since 2018.
The report focuses on residential properties (single- and two-family homes, condo, and co-op units) that were scheduled for auction for the first time in the third quarter of 2019.
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Read on to see how your borough’s foreclosure trends shaped up over the last three months.
Manhattan experienced a sharp 118 percent increase year-over-year, but when you look at the low number of properties, the shift was not quite as significant. Compared to 22 cases in the third quarter of 2018, this year saw 48. The 10019 zip code, covering Midtown, Times Square, Herald Square and Midtown South, had the most first-time foreclosures.
Brooklyn saw a slight drop of 2 percent year-over-year with 199 residential properties hitting the auction block for the first time. The most foreclosures were in the 11236 zip code, which overs Canarsie, Flatlands, Marine Park, Mill Basin, and Bergen Beach, with a total of 32 foreclosures.
Queens had the most foreclosures out of the five boroughs, with 272 properties foreclosed. Despite this, the borough saw a 16 percent decrease compared to last year’s third quarter. The 11434 zip code, encompassing Jamaica, South Jamaica, Rochdale, and St. Albans experienced the highest number of new foreclosure cases at 23.
The Bronx has continuously experienced a decline in foreclosure since last year with only 69 properties headed to the auction block for the first time in the third quarter—a 51 percent decrease year-over-year. The Bronx zip code with the most foreclosed residential properties is 10469, covering Morris Park, Pelham Bay, Bronxdale, Van Nest, and Laconia, with 13 total.
Staten Island saw a rise in the number of foreclosures with an increase of 183 percent year over year. Zip code 10314, covering Mid-Island, had the most residential foreclosures at 20.
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