While just a few months back NYC foreclosures recorded a new low, second quarter foreclosure activity experienced a sizeable growth.
Archives For Queens Foreclosures
Articles on Queens foreclosures. Read distressed properties stats, insights into the foreclosure process and interesting auctions happening in Queens.
NYC foreclosures recorded a new low in the first quarter of this year, according to our quarterly report. However, pre-foreclosures continued their upward trend, reaching a two-year high.
Down a significant 29% year over year (146 compared to 206), and 33% over Q4 2012, the number of new NYC foreclosures is now the lowest since the beginning of the real estate meltdown.
Take a look at the chart below to see the trend in foreclosures for the past 8 quarters: Continue Reading…
First-time foreclosures across New York City continue to stay at a low level in Q3 2012, but pre-foreclosures, or lis pendens, have been up 8 quarters in a row.
After a moderate increase last quarter, this quarter 228 foreclosure auctions were scheduled in NYC, down 9% from Q2 2012 (251) but up 10% from the same quarter in 2011 (207). Only Manhattan and Staten Island saw more significant increases in scheduled foreclosure auctions.
Settling a foreclosure case in the NYC courts can take a surprisingly long time, sometimes even more than 6 years. A PropertyShark in-house analysis based on our foreclosure data indicates that certain NYC homes in distress have had their auction postponed more than 20 times.
A postponed foreclosure auction can give homeowners more time to find solutions for paying off their outstanding mortgages or selling their homes. While some use the time to bring mortgage payments up to date, according to an article in CNN Money, others may continue to live in their houses without making mortgage payments, sometimes even for years. If people in the second group were to pay rent in, let’s say, Brooklyn NY, they would have to pay more than an average of $2,500/month for a two-bedroom apartment. In four years, the amount could add up to around $120,000 in rent savings.
The length of the foreclosure process has doubled in New York City over the past three or four years, an in-house study made by our data analysts showed. The average number of months it took for a delinquent mortgage to reach the final stage of the foreclosure process, that is to be scheduled for auction, was 24 in 2011. By comparison, the average number of months was 12 in 2006 and 2007, and 13 in 2008.
In October 2010, Queens dominated new scheduled foreclosure auctions in New York City with 118 properties. However, this number is down 37% from the same month in 2009 and down 3% from September 2010.
The top 5 New York City zip codes for first-time scheduled foreclosure auctions were all in Queens, with the first two zip codes being 11420 (Howard Beach, Ozone Park, South Ozone Park) and 11413 (Laurelton, Cambria Heights, Queens Village, Glen Oaks).
Among the five boroughs, Queens had the highest number of new scheduled foreclosure auctions (387) in the third quarter of 2010, comprising over 59% of new foreclosures in New York City (659). The number of properties scheduled for foreclosure auction for the first time decreased 31% compared to the same quarter in 2009 (562), but was up 8% compared to the second quarter of 2010.
Queens zip codes 11433 and 11434 (Jamaica, South Jamaica, Hollis and St. Albans) recorded the highest number of scheduled foreclosures.
In August 2010, Queens had the highest number of first-time scheduled foreclosure auctions (139) among the five boroughs, comprising over 61% of foreclosures in New York City (228). The number of properties scheduled for foreclosure auction for the first time increased 1% compared to August 2009 and 11% compared to July 2010.
The top 4 zip codes for new scheduled foreclosure auctions were in Queens, with the 11433 zipcode in the first place (Jamaica, South Jamaica, Hollis, St. Albans).
In the second quarter of 2010, Queens had the highest number of new scheduled foreclosure auctions (359) among the five boroughs, comprising over 53% of foreclosures in New York City (668). The number of properties scheduled for foreclosure auction for the first time decreased 49% compared to the same quarter in 2009 (705) and 14% compared to the first quarter of 2010 (419).
In May 2010, Queens had the highest number of new scheduled foreclosure auctions (85) among the five boroughs, comprising over 45% of scheduled foreclosures in New York City (185). The number of properties scheduled for foreclosure auction for the first time decreased 63% compared to May 2009 (228) and 44% compared to April 2010 (152). Queens zipcode 11433 (Jamaica, South Jamaica, Hollis and St. Albans) recorded the highest number of scheduled foreclosures.
Browse current individual Queens foreclosures.