DataMarkets & Economy

Foreclosures in NYC reach rare heights, report says

Property Shark's NYC foreclosure data for the second quarter of 2016 shows troubling stats for Queens
  • In the second quarter of 2016, the first-time foreclosure auction rate increased 33 percent year-over-year and 31 percent over the previous quarter in New York City.
  • Brooklyn, Queens and the Bronx recorded the highest increases in foreclosure activity, with Queens seeing nearly half of the city's total of foreclosures.
  • Manhattan and Staten Island saw much less foreclosures, with only four new foreclosures Manhattan's 10019 ZIP code and 11 in Staten Island's South Island neighborhood.

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Foreclosures are rising in New York City, and the majority of them are being processed in Queens. According to Property Shark, first-time foreclosure auctions in NYC in the second quarter of 2016 surpassed levels seen in the past six years. During that time there were 673 properties schedued for the first time to auction, with Queens, Brooklyn and the Bronx leading the pack. Year-over-year foreclosures going to auction increased 33 percent and 31 percent in the second quarter of 2016 compared with the previous quarter. The foreclosure rate in the second quarter of 2016 more than doubled compared with the same quarter of 2012. Manhattan had the smallest pool of first-time scheduled foreclosures, with only 25 in the second quarter of 2016. The borough was the only one with an annual dip in scheduled foreclosures, falling from 43 foreclosures. Manhattan's average lien was $721,883. Queens had the most foreclosures, at 302, which was also the biggest annual increa...