New foreclosures in NYC hiked 79% year-over-year in Q3 2017
The number of first-time foreclosures in NYC surged 79% year-over-year in Q3 2017 – 859 homes were scheduled, compared to 481 in Q3 2016. After a peak in foreclosure activity in Q2 2017, with 911 new foreclosures scheduled across all 5 boroughs, Q3 2017 brought a slight slowdown in the number of cases. This translates into a 6% decrease quarter-over-quarter, following a trend we’ve noticed when tracking foreclosure data as Q3 is usually slower than Q2. By property type, single- and two-family homes have seen the highest increases in Q3 2017.
- MANHATTAN was the healthiest borough with 39 new foreclosure cases but was flat year over year as far as percentage increase.
- THE BRONX experienced a 145% Year over Year increase with 247 new foreclosure cases
- BROOKLYN saw a 118% increase year over year increases with 205 new foreclosure cases
- QUEENS saw a 26% increases year over year with 288 new foreclosure cases.
- STATEN ISLAND led the boroughs with a year over year increase of new foreclosure cases of 245% but had the least number of cases at 105 properties.