Home foreclosures dip in NYC for 2nd straight year

Numbers are still far higher than they were in 2014, according to PropertyShark

Feb.February 14, 2020 08:00 AM
NYC saw a dip in home foreclosures last year (Credit: iStock)

NYC saw a dip in home foreclosures last year (Credit: iStock)

Home foreclosures throughout New York City declined for the second year in a row in 2019, but overall were still far higher than five years ago. Manhattan had the lowest total while Queens had the highest.

The number of first-time foreclosures dipped to 3,056 cases in the five boroughs last year, from 3,237 cases in 2018, according to the latest report from PropertyShark.

The total marked the lowest number since 2016, when there were 2,086 foreclosures in the city.

The five boroughs still recorded more than twice the amount of foreclosures last year than in 2014, when there were 1,427 reported. The peak came amid the last financial crisis in 2008, when there were 3,728 cases, according to PropertyShark.

Foreclosures across the country dropped to 493,066 last year, for a 21 percent decline compared to 2018, according to figures from Attom Data Solutions.

Manhattan was the only borough to see an increase in foreclosures from 2018 to 2019, according to PropertyShark. That number rose from 107 to 149, or 39 percent. However, the borough still had the lowest number of foreclosures overall, and 107 was an unusually low number, according to the report.

In Manhattan, the 10019 ZIP code had the most foreclosures at 20. That represented 13 percent of the borough’s total. The area covers parts of Hell’s Kitchen and Central Park South.

Queens had the highest number of foreclosures last year at 1,164, or 38 percent of the citywide total. This was still a decline from the 1,214 foreclosures it saw in 2018, and the 1,260 it saw the year before.

Its 11434 ZIP code, which includes parts of South Jamaica and St. Albans, had the most foreclosures with 96 cases.

The Bronx
In the Bronx, foreclosures dropped by 21 percent compared to 2018, the sharpest drop among the five boroughs. The number fell from 474 to 375, according to PropertyShark.

The borough’s foreclosures were clustered in the 10469 ZIP code, which includes the Williamsbridge and Baychester neighborhoods. There were 65 foreclosures in the area, comprising 17 percent of its annual volume.

Brooklyn saw 806 foreclosure cases last year overall, down from 882 in 2018.

The borough was home to the ZIP code with the most foreclosures throughout the city last year: 11236, encompassing the borough’s Canarsie neighborhood. The area saw 120 foreclosures, or 4 percent of the city’s total.

Staten Island
Staten Island foreclosures remained virtually the same, increasing from 560 in 2018 to 562 last year. But they shot up by 313 percent compared to 2014, when the borough saw just 136 cases. The borough’s 10314 ZIP code saw the most cases at 79, marking 14 percent of its total.

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