Although NYC foreclosures declined at a slower 9% pace than the metro overall, New Jersey markets pulled metro-wide figures down, dropping 20% Y-o-Y.
Driven by significant slowdowns in Queens and Brooklyn, NYC foreclosures reach lowest levels in seven quarters.
NYC foreclosures remained flat in Q2, up just 1% Y-o-Y, with Queens accounting for 44% of all cases, while the Bronx had just 33 cases.
As foreclosure cases continued to tick up in Q1, Queens and Brooklyn supplied the bulk of the city’s caseload, while Manhattan figures started to dip.
2023 was marked by some notable developments in real estate that should set the stage for an intriguing 2024 and beyond.
NYC foreclosure cases nearly doubled in 2023, yet the city’s caseload remained at only half of pre-pandemic figures.
NYC recorded 427 foreclosure filings in the third quarter of 2023, up 18% compared to the previous quarter.
As Q2 comes in just 12 cases below Q1, it remains to be seen if the change is part of a wider trend of stabilization or just a seasonal glitch.
Hitting 3-year high, foreclosure activity is steadily returning to NYC but first-time cases are still half of what they were pre-Covid.
The NYC foreclosure sector had yet another atypical year in 2022, recording only 28% of 2019’s first-time filings.
Queens remains at the center of NYC’s foreclosure activity with 150 cases of the city’s 297 total, reaching 55% of its Q3 2019 foreclosure levels.
Queens foreclosures surge 300% in Q2 2022, fueling a NYC-level increase in foreclosure cases of 146%, also boosted by Staten Island trends.
After the expiration of the foreclosure moratorium, cases are starting to appear in NYC, with Brooklyn claiming 40% of the city’s 87 cases.
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Key Takeaways: Foreclosure activity increased in just one borough, with Manhattan surging 39%. Y-o-Y NYC…
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