Skip to main content

NYC Sees Spike in First-Time Foreclosures

Phil Hall
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.”

Jan 10, 2018
Nominations Open For Industry Titans Award

NMP Magazine to honor people who represent industry with professionalism.

Industry News
Sep 23, 2022
Fidelity National Names New HR Chief

Melissa Circelli previously held same position at Black Knight.

Industry News
Sep 23, 2022
Ruoff Mortgage Lays Off Nearly 5% Of Staff

Company announced the layoffs Sept. 16, citing 'economic conditions.'

Sep 21, 2022
SPS Acquires Rushmore Loan Management Services

The acquisition will include hiring Rushmore servicing personnel and assuming Rushmore servicing contracts.

Industry News
Sep 19, 2022
Fannie Mae Names New EVP, Chief Risk Officer

Former Morgan Stanley exec has nearly 30 years of risk management experience.

Industry News
Sep 15, 2022
Planet Home Lending Expands Operations In N.Y.

Mortgage vets Michael Cabales and Mike Titiyevsky to lead expansion effort in NYC metro area.

Industry News
Sep 13, 2022