2022 Annual Foreclosure Report: Cases Barely Surpass Q1 2020 Totals
The NYC foreclosure sector had yet another atypical year in 2022, recording only 28% of 2019’s first-time filings.
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.
For the NYC multifamily sector, the downturn brought on by the pandemic was just another hit to an already cooled-down market.
In 2020, Hudson Yards was NYC’s most expensive neighborhood with a $4.5 million median. TriBeCa was next with $3.2 million median sale price – a 3% decrease Y-o-Y.
The effects of COVID-19 have yet to show up for NYC multifamily in Q1: sales volume leaps 39% Y-o-Y, totals $1.9 billion.
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