New York City foreclosures surge year over year

by Francis Monfort11 Oct 2017
New York City recorded 859 homes scheduled for first-time foreclosures in the third quarter, a year-over-year increase of 79% from the third quarter of 2016, according to the Q3 2017 NYC Foreclosure Report released by PropertyShark.

The latest figure is a 6% decrease from the peak of foreclosure activity recorded in the second quarter, which saw 911 new foreclosures across the five boroughs. PropertyShark said the quarter-over-quarter decrease follows a trend of usually slower third-quarter foreclosures than the second quarter. Additionally, PropertyShark said single- and two-family homes saw the highest increase during the quarter in terms of property of type.

Although all boroughs saw first-time foreclosures, PropertyShark said the Bronx, Staten Island, and Brooklyn saw those numbers skyrocket.

The third quarter saw foreclosed homes in the Bronx reach record levels. Compared to the third quarter of 2016, Bronx homes scheduled for auction rose 145% during the third quarter with 247 homes scheduled. The surge follows past quarters where Bronx saw relatively stable levels, with the number only spiking in the second quarter of 2016. The borough even recorded a year-over-year decrease in the previous quarter.

New foreclosures in Staten Island surged 246% year-over-year, a record-high number with 105 first-time foreclosures scheduled. The third-quarter figure, however, is down 24% quarter-over-quarter. PropertyShark said this comes as the borough only had 22 cases in the third quarter of 2016, which is an unusually low level for the borough.

Foreclosures rose 118% year-over-year in Brooklyn, with 205 homes scheduled for auction compared to only 94 new foreclosures recorded in the third quarter of 2016. Compared to the second quarter, which has 264 homes scheduled for auction, Brooklyn foreclosures fell 22%.

Foreclosures levels saw little fluctuation in Manhattan, while Queens only saw a moderate year-over-year increase at 27%, PropertyShark said.

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