Foreclosures in NYC hit highest level since 2009: report

City saw 58% year-over-year increase

TRD New York /
Jan.January 09, 2018 01:45 PM

2017 foreclosures (Click here to see interactive map)

It’s not yet clear if the GOP tax overhaul will drive up foreclosures — as some have predicted — but New York City is already seeing a high volume of homes hit the auction block.

Foreclosures reached 3,306 citywide in 2017, marking the highest volume seen since 2009, according to a new analysis by real estate data company PropertyShark. In the aftermath of the financial crisis, the number of homes scheduled for auction hit 3,360.

Last year’s foreclosure tally represents a 58 percent year-over-year increase and the third-highest number in the last decade — only falling behind the grim years of 2008 and 2009. PropertyShark notes that the number of cases has nearly doubled in two years, since 2015 only logged 1,762 new foreclosure auctions.

Staten Island saw the largest increase of all the boroughs — a 134 percent year-over-year jump — with 428 first-time auctions scheduled in 2017. Brooklyn followed with a 50 percent spike. Canarsie and East New York were among the neighborhoods hit the hardest, according to PropertyShark.

Queens and the Bronx saw a respective 40 and 44 percent increase, while the number of foreclosures in Manhattan remained flat. (Though it should be noted that what is presumed to be the largest foreclosure in city history occurred in Manhattan last year. A full-floor penthouse at Extell Development’s One57 sold for $36 million in November, down from the $50.9 million the previous owner paid.)

Queens saw the most scheduled auctions in 2017 with 1,260.

The uptick in foreclosures follows a dramatic dip between 2011 and 2012, when the number of foreclosure fell from 2,988 to 936. Foreclosures have gradually increased in the city since then.

It’s unclear if the city will continue on this upward trajectory, though there are some headwinds. In speaking out against the new tax law, Gov. Andrew Cuomo has said that home values could drop and mortgage foreclosures may spike.


Related Articles

arrow_forward_ios
The penthouse at 15 Union Square West and 121 East 22nd Street (Credit: StreetEasy)

Luxury market checks off another disappointing week of sales

Clockwise from top left: 522 West 29th Street, 40 East 75th Street (center), 820 Fifth Avenue, 54 Thompson Street and 220 Central Park South 

These were the five priciest residential listings in NYC last week

Faith Hope Consolo (Credit: Getty Images)

Faith Hope Consolo’s secret family probes her will

William Zeckendorf and his brokerages are making moves. (Credit: iStock, Getty Images)

William Zeckendorf wants to build an army of NYC homeowners

From left: Bruce Molser, David Schechtman, Bob Knakal, David Greenbaum, and Judi Pulice

New York’s real estate bigwigs offer predictions for 2020

Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Elsa Segura (left) was arrested in connection to realtor Monique Baugh's (right) murder (Credit: iStock)

Second suspect charged in real estate agent’s abduction, murder

Mayor Bill de Blasio and subway damage caused by Hurricane Sandy (Credit: Getty Images)

Program to rebuild Sandy-damaged homes needs extra $92M

arrow_forward_ios
Loading...