2024 Q3 Foreclosure Report: NYC Caseload Drops for Third Consecutive Quarter, Marks Least Active Period Since Q4 2022
Driven by significant slowdowns in Queens and Brooklyn, NYC foreclosures reach lowest levels in seven quarters.
Driven by significant slowdowns in Queens and Brooklyn, NYC foreclosures reach lowest levels in seven quarters.
City-level trends may have been muted, but significant shifts occurred among its exclusive neighborhood.
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.
NYC foreclosure cases nearly doubled in 2023, yet the city’s caseload remained at only half of pre-pandemic figures.
Since 2012, buyer interest has cooled somewhat in NYC’s flood zones, with medians here rising only 33% compared to 53% in low-risk zones.
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.
193 NYC neighborhoods logged clear drops in sales, and only 22 experienced increases in transactional activity as market slowdown continues.
The NYC real estate market continued to cool in the first three months of the year with both sales and medians trending decidedly down.
Hitting 3-year high, foreclosure activity is steadily returning to NYC but first-time cases are still half of what they were pre-Covid.
2023 began with both the number of sales and the volume of sales in NYC’s multifamily sector more in line with the first quarter of 2020.
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.
Key Takeaways: Multifamily sales volume dives 41% Y-o-Y across the four boroughs. Manhattan prices accelerate;…