New York City Foreclosure Activity on the Rise

October 10, 2017
Four years after Superstorm Sandy devastated the coastal properties in the Northeast
Foreclosures in New York City saw a 79 percent year-over-year increase in the third quarter, according to new data from PropertyShark, which also reported a 145 percent year-over-year spike in the Bronx, a 118 percent year-over-year surge in Brooklyn.
 
What do these percentages mean? The Bronx saw 247 first-time foreclosures in the third quarter, but only 101 in the third quarter of 2016; PropertyShark noted this activity was concentrated in the eastern half of the borough. In Brooklyn, the 205 first-time foreclosures in the third quarter was up from 94 one year earlier, and PropertyShark also noted concentrated activity in a relative handful of communities. The greatest foreclosure leap was in New York City’s smallest borough: Staten Island recorded 105 first-time foreclosures in the third quarter, compared to 22 one year earlier—a 246 percent year-over-year skyrocket.
 
Nonetheless, the third quarter activity was below the second quarter 2017 peak of 911 new foreclosures spread across the city’s five boroughs, which represented a six percent quarter-over-quarter decline.
 
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