There are more repeat foreclosures in NYC than other major American housing market

The rate in the city was 54% last year

TRD New York /
May.May 11, 2017 11:05 AM

Repeat foreclosures are happening in New York City at a higher rate than other major domestic housing markets like Los Angeles and Miami.

Across the United States, foreclosures are at their lowest level since 2005, Politico reported, citing a new report from real estate research firm ATTOM Data solutions. However, the report, which examined five housing markets, found New York City had the highest rate of repeat foreclosures.

Last year in the city, the repeat foreclosure rate was 54 percent, ahead of L.A. at 39 percent and the Miami-Dade County, at 32 percent. The other areas included in the report were New Jersey’s Essex County and Arizona Maricopa County, with 20 and 26 percent, respectively.

Repeat foreclosures take place when a home avoids an initial foreclosure process by a payment program, but then goes back into foreclosure.

Last year, according to the report, Brooklyn had the highest rate of repeat foreclosures, at 62 percent. It was followed by Staten Island (55 percent), the Bronx (53 percent), Manhattan (48 percent) and Queens (45 percent).

“Foreclosure activity continued to search for a new post-recession floor in April, thanks in large part to the above-par performance of mortgages originated in the past seven years,” said ATTOM’s Daren Bomquist, according to Politico. “Meanwhile, we are seeing an elevated share of repeat foreclosures on homeowners who fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery.”

The Kings County Supreme Court in Brooklyn is moving to toss out thousands of inactive foreclosure cases, a move which defense lawyers say will have negative impact on homeowners, because any motions they filed against lenders will be lost.  [Politico]Miriam Hall


Related Articles

arrow_forward_ios
(iStock)

Manhattan co-op sales prices saw 11% drop in Q2

Manhattan co-op sales prices saw 11% drop in Q2
(iStock)

Manhattan vacancy hits new peak; Brooklyn stable

Manhattan vacancy hits new peak; Brooklyn stable
200 Water Street and 31 Prospect Park West (Google Maps)

Brooklyn’s luxury deal totals rise for 3rd straight week

Brooklyn’s luxury deal totals rise for 3rd straight week
Metro areas with less affordable housing drive high-income buyers to eye homes in lower-income neighborhoods at disproportionate rates (iStock)

TRD Insights: Gentrification happening fastest in least affordable cities

TRD Insights: Gentrification happening fastest in least affordable cities
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Matthew Kramer, Victor Petrescu, Sebastian Jaramillo and Gov. Ron DeSantis (Getty, iStock) 

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...