NYC Foreclosures Flatline in Q2 2018

Key Takeaways
  • 881 NYC homes were foreclosed for the first time in Q2 2018, a slight 3% decrease
  • Staten Island auctions increased 39% year-over-year
  • Queens had the most properties headed to the auction block in Q2: 356
  • Foreclosures in Brooklyn were down 14% Y-o-Y
  • With 127 properties scheduled for auction, Bronx foreclosures rose 8% year-over-year
  • Lis pendens across NYC were down 13% year-over-year

In the second quarter of 2018, New York City foreclosures stagnated both year-over-year and quarter-over-quarter. 881 homes were scheduled for auction for the first time, compared to 911 in Q2 2017 – a mild 3% year-over-year decrease. Citywide, the number of foreclosures is stable but high, and has been hovering around 800 and 900 per quarter since Q1 2017.

As for the boroughs, Manhattan, Brooklyn and Queens foreclosure auctions dropped, with numbers increasing in Staten Island and the Bronx year-over-year.

Even with 356 Unique Cases, Foreclosures are Down 8% Y-o-Y in Queens

Although having the highest number of new cases of all the boroughs, foreclosure auctions in Queens decreased 8% year-over-year. With a total of 356 auctions, the borough saw a 17% quarter-over-quarter increase. The zip-code with the highest number of new foreclosures in NYC was also in Queens: Zip 11434 registered 30 cases.

The borough was 30 properties short of reaching the same level of foreclosure activity as in Q2 2017, when 388 properties hit the auction block. Since Q1 2017, the number of foreclosures has been steady, and hovered around the low 200s and high 300s.

New Foreclosures in Brooklyn Decrease 14% Year-Over-Year

226 properties were headed to the auction block in the borough in the second quarter of 2018. Even though Brooklyn had the most foreclosed properties in NYC after Queens (226), the numbers were still down 14% year-over-year. Quarter-over-quarter, the borough saw an 18% decrease.

The highest number of new foreclosures in Brooklyn was recorded in zip code 11236, covering Canarsie and Flatlands.

Staten Island Closes Q2 2018 with 146 Homes Heading to Auction, up 39% Y-o-Y

While foreclosures decreased or flatlined in the other boroughs, cases were up 39% year-over-year in Staten Island. However, fewer properties headed to the auction block compared to the first quarter of 2018. In total, 146 homes were scheduled for auction in Q2 2018, a 23% contraction quarter-over-quarter. Zip 10301 saw the most activity, with 23 properties being foreclosed.

The Bronx Sees 8% Dip Y-o-Y, Manhattan Follows the Same Trend of Having the Least Foreclosures in NYC

There were 127 homes scheduled for action in the second quarter in the Bronx, an 8% dip year-over-year. Compared to Q1 2018, foreclosures dropped 9%.

Following the same trend of having the least foreclosures in New York City, Manhattan closed Q2 2018 with 26 properties headed to the auction block. The borough saw a 28% decrease both year-over-year and quarter-over-quarter.

Homes Entering Pre-Foreclosure Drop by 13% Y-o-Y

Totaling 2,772 cases, residential lis pendens decreased 13% year-over-year and increased 8% quarter-over-quarter. In the first quarter of 2018, a total of 2,694 pre-foreclosures have been registered, while in Q2 2017, the city recorded 2,862 cases.

As for the boroughs, Queens had the most lis pendens in Q2 2018 with 1,005 cases, followed by Brooklyn (861 pre-foreclosures) and Staten Island (378 pre-foreclosures). Year-over-year, pre-foreclosures decreased in most boroughs, the only exception being the Bronx, where there was a slight 2% uptick. Brooklyn recorded the largest drop in lis pendens filings, down 16% year-over-year.


Methodology

Having tracked foreclosure listings for over a decade, PropertyShark is the only service in New York that guarantees 100% coverage of the local foreclosure market. The stats include only first-time foreclosures to avoid over-reporting the number of distressed properties in the city as auctions are frequently postponed and rescheduled.  We report separately on lis pendens filings – legal notices which mark the beginning of the foreclosure process.

Our report focuses on residential properties (single- and two-family homes, condo, and co-op units) that were scheduled for auction for the first time in Q2 2018.

Pre-foreclosure data refers to unique properties that received at least one lis pendens filing in Q2 2018. This may be a first-time filing or a re-filing. The same building class restrictions apply (excluding co-ops). If more than 3 units were referenced on the same lis pendens filing, they were not counted at all in order to avoid counting entire buildings.

View Source: https://www.propertyshark.com/Real-Estate-Reports/NYC-Foreclosure-Report

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