Foreclosed Homes in NYC Reached 6-Year High in 2016 Foreclosed Homes in NYC Reached 6-Year High in 2016 New York Foreclosures SHARE Andra Rus , January 5, 2017 / 2550 0 NYC Foreclosure report 2016 highlights First-time foreclosures in NYC reached the highest level since 2010 with 2,202 foreclosed homes Queens accounts for 42% of first-time auctions in NYC The Bronx registered the highest year-over-year increase at 37%, followed by Brooklyn at 18% The number of homes with a pre-foreclosure filing in 2016 was down 7% across all boroughs as a total of 12,573 lis pendens cases were filed NYC first-time foreclosures in 2016 spiked to levels not seen since 2010 Back in July, our foreclosure report revealed that foreclosures in NYC were reaching levels not seen since 2010 and though the spike in numbers slowed down in the second half of 2016, our end-of-year report supports the same conclusion. With 2,202 foreclosed homes, we’d have to look back all the way to 2010 to find a higher number of auctions filed in a year. Furthermore, if you look at 2012, the year that recorded the lowest number in the past decade, 912, the trend is even more striking. First-time foreclosures spiked by 141% in the past 5 years though they are still far from the levels reached in 2008 and 2009. Queens accounts for 42% of first-time auctions in NYC Queens continues to be the borough with the highest number of foreclosed home – 933 of the 2,202 first-time foreclosures scheduled in 2016 were located in the borough. Though Queens was the borough with the highest number of new foreclosures filed and it has been going up for the past 5 years, the number of homes scheduled for auction is actually lower than 2010 levels when they accounted for 56% of all NYC cases. The Bronx sees a 37% surge in first-time foreclosures The biggest year-over-year increase is seen by the Bronx as 478 homes were scheduled to be auctioned in 2016 – that represents a 37% year-over-year surge in first-time foreclosures after having stayed at roughly the same levels between 2013 and 2015. Compared to 2012, the number of foreclosures in the Bronx almost tripled. In Brooklyn, the number of new foreclosures keeps climbing Meanwhile in Brooklyn, the number of homes hitting the auction block went up by 18% from 383 in 2015 to 451 in 2016. In both Brooklyn and the Bronx, the number of cases is higher than those we saw back in 2010, the two boroughs now accounting together for the same number of cases as Queens alone. Zooming in on foreclosure hotspots by borough Within the boroughs, ZIP code 11434 in Queens continues to be a foreclosure hotspot; 84 homes in this area in southeastern Queens were scheduled to be auctioned in 2016. Here’s the top zip code in each borough by number of first-time foreclosures scheduled in 2016: Pre-foreclosure cases down 7% in 2016, continuing on a descending trend Lis pendens filings in NYC have followed a descending trend since 2013 and they recorded a 7% year-over-year decrease last year. 12,573 cases were filed across the 5 boroughs with the highest number – 4,903 – in Queens, followed by Brooklyn which had 3,681 homes entering the foreclosure process. Methodology The foreclosed properties taken into account were scheduled for auction for the first time in 2016. They are residential properties that are either single-family or two-family homes, or condo or co-op units. The numbers for 2013-2016 also include properties that are classified as primarily one family with store or office or primarily two family with store or office (S0, S1, and S2 properties). Pre-foreclosure data refers to unique properties that received at least one Lis Pendens Filing in 2016. 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 at all in order to avoid counting entire buildings under Lis Pendens.