Robert Demeter Key takeaways:
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- NYC foreclosures decrease 4% year-over-year
- The Bronx sees the steepest drop in foreclosure activity, a 24% drop Y-o-Y
- Foreclosures only increased in Brooklyn (7%) and Staten Island (9%)
- In Queens, foreclosure cases dipped 9% year-over-year
- Lis pendens increased 13% Y-o-Y, and 31% Q-o-Q
First-time foreclosures in New York City decreased 4% year-over-year, with a total of 847 residential properties foreclosing in the second quarter of 2019. Quarter-over-quarter, the city saw a 3% contraction in unique cases. Although the number of foreclosures is still high in the city, for the last couple of quarters growth rate was stable, with cases hovering around 700/800 per quarter.
Staten Island led borough activity with a 9% increase Y-o-Y, followed by Brooklyn with a 7% rise. Manhattan completely flatlined, cases in Queens decreased 9%, and Bronx foreclosures dipped 24%. Q-o-Q, Brooklyn saw the largest increase (13%), Bronx the steepest drop (-36%).
NYC pre-foreclosures saw a 13% spike year-over-year, while quarter-over-quarter, a 31% increase was registered.
Queens Foreclosure Cases Drop 9% Year-Over-Year
Queens had the largest number of first-time foreclosure cases among the 5 boroughs in the second quarter of 2019, with a total of 324 properties hitting the auction block. Even though Queens had the most foreclosures, the borough saw a 9% decrease in cases compared to the same time period last year. Quarter-over-quarter, Queens saw a 3% uptick.
The 11434 zip-code which encompasses Jamaica, South Jamaica, Rochdale, and St. Albans neighborhoods, had the most foreclosures in the borough: 21 unique cases.
Pre-foreclosures increased 4% in Queens year-over-year and 17% quarter-over-quarter. A total of 1,050 lis pendens cases were registered.
Brooklyn Foreclosures See a 7% Uptick Year-Over-Year
Brooklyn saw a slight increase in foreclosures compared to the exact same period last year, with unique cases increasing 7% year-over-year. A total of 242 residential properties were foreclosed in the borough. At 13%, Brooklyn had the largest increase quarter-over-quarter.
The 11236 zip-code which consists of Canarsie, Flatlands, Marine Park, Mill Basin, and Bergen Beach neighborhoods had the most foreclosures in the borough with 36 cases. Pre-foreclosures here filed in Q2 2019 totaled 1040 unique cases, up 21% year-over-year. Q-o-Q, a whopping 43% surge was registered.
Manhattan Flatlines with a 0% Change Y-o-Y
Manhattan had the same number of foreclosures in Q2 2019 as it did in Q2 2018 (26 cases) a 0% change year-over-year. Quarter-over-quarter, however, the borough saw a 32% drop.
As far as pre-foreclosures go, there was a 9% drop year-over-year and a 17% increase Q-o-Q.
Foreclosures in The Bronx Decrease 24% Y-o-Y
The steepest drop in foreclosure activity occurred in the Bronx, where only 96 homes headed to the auction block. Year-over-year foreclosure cases dropped 24%, while quarter-over-quarter they dipped 36%.
The 10469-zip code, encompassing Williamsbridge, Baychester, Woodlawn, Wakefield, and Eastchester had the highest number of residential homes (21) entering the foreclosure process in the borough.
Lis pendens cases increased 14% year-over-year and a staggering 41% quarter-over-quarter.
Staten Island Foreclosure Cases Increase 9%
Staten Island and Brooklyn were the only two boroughs to see a slight increase in foreclosures year-over-year. In Q2 2019, 159 homes foreclosed in Staten Island with foreclosure activity increasing 9%.
Zip 10312 had the most first-time cases—21.
Staten Island saw the largest increase in lis pendens, up 23% year-over-year. Quarter-over-quarter, the borough tied with Brooklyn at 43%.
New York City Pre-Foreclosure Activity Up 13% Year-Over-Year
Total New York City lis pendens cases increased 13% in Q2, with a total of 3,070 properties in the pre-foreclosure phase.
Although there were no major changes when it comes to foreclosures, the 31% quarter-over-quarter pre-foreclosure increase is worth keeping an eye on. With pre-foreclosures increasing, foreclosures will inevitably see an uptick in forthcoming quarters.
Each borough saw significant spikes, the largest ones occurring Brooklyn (43%), Staten Island (43%) and the Bronx (41%). Moreover, Manhattan and Queens pre-foreclosures increased 17%.
Methodology
Having tracked foreclosure listings for over a decade, PropertyShark is the only service in New York that guarantees 100% coverage of the local foreclosure market. The stats include only first-time foreclosures to avoid over-reporting the number of distressed properties in the city, as auctions are frequently postponed and rescheduled.
We report separately on lis pendens (pre-foreclosure) filings—legal notices which mark the beginning of the foreclosure process.
Our 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 Q2 2019.
Pre-foreclosure data refers to unique properties that received at least one lis pendens filing in Q2 2019. This may be a first-time filing or a re-filing. The same building class restrictions apply, excluding co-ops. If more than 3 units were referenced on the same lis pendens filing, they were not counted in order to avoid counting entire buildings.
