- Manhattan cases up a staggering 118% year-over-year
- Staten Island unique cases skyrocket 183%
- The Bronx sees the steepest drop in foreclosure activity, a 51% drop Y-o-Y
- In Queens, foreclosure cases dipped 10%
- Lis pendens increased 4% Y-o-Y, and dropped 22% Q-o-Q
Despite major foreclosure activity increases in two boroughs, first-time foreclosures in New York City stagnated, with only a 1% city-wide uptick year-over-year. A total of 723 residential properties hit the auction block for the first time in the third quarter of 2019. NYC foreclosures are still relatively high, having a trend of 700/800 first-time cases in each quarter since the beginning of 2018.
Unique foreclosures dipped in 3 out of the 5 boroughs, with cases increasing only in Manhattan and Staten Island. The Bronx, Brooklyn and Queens continue the downward trend they’ve been on since 2018.
Staten Island led borough activity with a staggering 183% increase, followed by Manhattan with a 118% increase. Even though foreclosures had a large spike in Manhattan, the number of properties foreclosed only increased from 22 to 48 compared to the same period year. Activity in the Bronx dropped by 51%, while Queens saw a 10% dip in unique cases year-over-year.
NYC pre-foreclosures increased slightly, the city registering a 4% change year-over-year.
Manhattan Foreclosures See Huge Spike: Up 118%
Foreclosures in Manhattan increased drastically year-over-year when it comes to percentages, however, the absolute numbers aren’t nearly as spectacular. Percentage wise, the borough saw a 118% surge, from 22 cases from Q3 2018 to 48 cases this quarter. 25 out of the 48 foreclosures were mortgage foreclosures.
Only once in the past cycle has Manhattan had more foreclosures than in Q3 2019, and that was in Q4 2016.
The 10019-zip code, which encompasses Midtown, Times Square, Herald Square and Midtown South neighborhoods, had the most recorded first-time foreclosures in Q3 2019 in Manhattan.
Pre-foreclosures increased 13% year-over-year.
Brooklyn Foreclosures Stagnate, with a -2% Change Y-o-Y
Brooklyn first-time foreclosure cases dropped 2% year-over-year. A total of 199 residential properties entered the foreclosure process for the first time in the borough in Q3. Brooklyn saw a 16% dip in cases quarter-over-quarter.
The most foreclosures occurred in the 11236 zip-code, which consists of Canarsie, Flatlands, Marine Park, Mill Basin, and Bergen Beach neighborhoods. 32 properties headed to the auction block in this zip-code.
Pre-foreclosures in Q3 2019 totaled 856 cases, up 10% year-over-year. Q-o-Q they dropped by 31%.
Queens Foreclosure Down 16% Year-Over-Year
Queens still had the most foreclosures among the 5 boroughs in Q3 2019, with 272 properties hitting the auction block. Even though with the largest number of unique foreclosures, the borough saw a 16% decrease compared to the same time period last year. Q-o-Q, cases dropped by 16%.
The 11434 zip-code, encompassing Jamaica, South Jamaica, Rochdale, and St. Albans neighborhoods, had 23 new foreclosure cases—the most in the borough.
A total of 720 lis pendens were registered in Queens— dropping 13% in year-over-year. Quarter-over-Quarter Queens saw a 24% dip in pre-foreclosures.
Bronx Foreclosures Down 51%
Foreclosure activity in the Bronx has gradually dropped since 2018. Year-over-year only 68 properties headed to the auction block for the first time, a 51% decrease year-over-year. Q-o-Q, foreclosures decreased 29%.
The 10469-zip code, encompassing Morris Park, Pelham Parkway, Bronxdale, Van Nest and Laconia had the highest number of residential homes (13) entering the foreclosure process in the borough.
Lis pendens cases increased 16% year-over-year.
Foreclosures in Staten Island Surge 183% Y-o-Y
Staten Island cases went from 48 unique cases in Q3 2018 to 136 in Q3 2019, a staggering 183% increase year-over-year. This is due, in part, to the high number of pre-foreclosures registered in the third quarter of 2018, of which, some gradually became foreclosed properties.
Zip 10314 which encompasses Mid-Island had the most first-time cases—20.
Lis pendens in the borough increased 13% year-over-year to 353 and dipped 24% quarter-over-quarter.
NYC Pre-Foreclosure Activity Up a Mere 4% Year-Over-Year
New York City lis pendens cases are up 4% year-over-year, having a total of 2,391 properties in the pre-foreclosure process in Q3 2019.
When it comes to borough-level activity, lis pendens increased everywhere except Queens. Manhattan led pre-foreclosure activity with a 19% surge, followed by Bronx and Staten Island. Brooklyn had a 10% lis pendens increase, while Queens saw a 13% dip.
Brooklyn had a total of 856 properties in the pre-foreclosure stage in the third quarter of 2019, Queens 720, and Staten Island 353.
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 Q3 2019.
Pre-foreclosure data refers to unique properties that received at least one lis pendens filing in Q3 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.