Foreclosures have been on the rise across New York City for a while now but in 2017, the number of cases hit its highest peak in eight years.
In their annual foreclosure report, PropertyShark disclosed that last year, 3,306 homes in NYC were scheduled for auction. This represents a 58 percent year-over-year increase and is the highest level witnessed since 2009. What’s even more alarming, the number of foreclosures has practically doubled in just two years: in 2015 there were only 1,762 foreclosure auctions (Since auctions are constantly rescheduled or postponed, the report only focused on stats that include first-time foreclosures). To put it all into perspective, PropertyShark has created this interactive foreclosure map.
Queens and the Bronx both saw high increases in the percentages of homes in foreclosure, at 40 percent and 44 percent year-over-year increases, respectively. Once again, Queens had the highest number of homes in foreclosure in all of NYC with 114 homes scheduled in 2017. The highest concentration of foreclosure cases in all of NYC came from zip code 10469, which covers Baychester, Pelham Gardens, and parts of Williamsbridge.
In Brooklyn, first-time auctions rose drastically from 898 in 2016 to 1,260 in 2017, with Canarsie and East New York logging the highest number of foreclosures within the borough.
While Manhattan didn’t see much of a year-of-year increase in homes scheduled for auction last year, it did bring forth the biggest residential foreclosure in the city’s history when the owner of a full-floor condo at One57 defaulted. A $22.5 million apartment at One57 also hit the auction block last year and was actually the first foreclosure to hit Billionaire’s Row.
Staten Island had the most dramatic year-over-year increase and was up a staggering 134 percent from 2016. There were 428 first-time foreclosures scheduled in 2017, compared with just 183 in 2016.
On the bright side, the number of homes that received a lis pendens notice managed to drop down to 12,072 filings last year, compared with 12,573 filed in 2016, representing a four percent year-over-year decrease.