The Real Deal New York

NYC foreclosures slide 17% in Q3

This is the first time in over a year that cases fell below 800
By Kathryn Brenzel | October 05, 2018 09:45AM

NYC First Time Scheduled Foreclosures (Credit: Property Shark)

First-time foreclosures in New York City dipped 17 percent in the third quarter this year, marking the first time since early 2017 that the number of homes scheduled for foreclosure fell below 800.

From July through September, the city had 716 homes slated for auction, according to a new report by PropertyShark. This was a decrease from last quarter’s 881 and is the first time that new foreclosures fell below 800 since the first quarter of last year. During the first quarter of this year, foreclosures hit a near recession high of 920.

Queens logged the most in the third quarter with 303 homes headed to the auction block, a 5 percent year-over-year increase. Brooklyn followed with 203 foreclosures, the Bronx with 140 and Staten Island with 48. Manhattan had only 22 properties foreclosing for the first time.

Overall, the number of lis pendens — the legal notice that initiates foreclosure cases — filed in the city declined 36 percent year-over-year to 2,309 cases. In the first six months of this year, 22 states posted increases in new foreclosure filings. South Florida and Los Angeles both saw upticks.