NYC Sees Spike in First-Time Foreclosures

Jan 10, 2018

Manhattan’s pricey real estate market recorded its weakest performing fourth quarter since 2012, according to new data from the residential brokerage Stribling & Associates

New York City experienced a 58 percent year-over-year increase in first-time foreclosures during 2017, the highest level since 2009.

According to new data from PropertySharks, new foreclosures were tied to 3,306 homes across the city last year. Among the city’s five borough, Staten Island experienced the greatest degree of foreclosure activity with 428 first-time foreclosure auctions scheduled in 2017, a 134 percent increase from the 183 scheduled in in 2016. First-time auctions doubled in Brooklyn compared to 2016, while Queens and the Bronx saw 40 percent and 44 percent increases, respectively, while Manhattan saw relatively little first-time foreclosure activity fluctuation.

“After having peaked in 2008, new foreclosures in New York City dropped year after year until it bottomed out in 2012,” said PropertyShark in its data report. “After 2012, it followed a slow, but steady increase in new auctions until 2017, when new foreclosure auctions exploded. As a result, the number of homes scheduled for auction is now getting close to the levels seen in the aftermath of the financial crisis ... The number of cases has actually almost doubled in just two years as 2015 posted 1,762 new foreclosure auctions.”

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Phil Hall

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Jan 10, 2018

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