Share on FacebookTweet about this on TwitterEmail this to someone
Share on FacebookTweet about this on TwitterEmail this to someone
Photo via Shutterstock
Photo via Shutterstock

After a troubling surge in 2016, new foreclosure cases in Queens have slowed down in the beginning of the new year, according to a new report.

In the first quarter of 2017, Queens had 184 foreclosures scheduled — a 16 percent year-over-year decrease from the sky-high numbers recorded in 2016, PropertyShark reported.

Citywide, foreclosures dropped 15 percent, and Brooklyn was the only borough that recorded an increase.

With 27 first-time foreclosures reported, Jamaica’s 11431 area is the Queens neighborhood with the most new cases filed in the first quarter of 2017. Southeastern Queens continues to be a “foreclosure hotspot,” according to PropertyShark.

In stark contrast, a previous analysis by the real estate group concluded that first-time foreclosures in the five boroughs had spiked by 141 percent between 2011 and 2016 — highs not seen since the Great Recession. Queens recorded 933 first-time foreclosures in 2016, compared with 804 in 2015. Queens also saw the most home foreclosures of any borough in the second quarter of 2016.

Citywide pre-foreclosures — when the homeowner has negotiated with the lender to sell the home below market value but still has control of the property — are also on a descending path in 2017, the new report also said. A total of 3,082 New York City homeowners had foreclosure cases filed on their properties, translating to a 16 percent decrease year-over-year.

PropertyShark’s new report focused on residential properties, including single and two-family homes, condos or co-op units, that are scheduled for auction for the first time.

Comments:

Join The Discussion



Related Stories
This hot sauce company will make Queens sauce using peppers from local gardens
This hot sauce company will make Queens sauce using peppers from local gardens
Catch one of these 18 free outdoor movie screenings at Queens parks throughout July
Catch one of these 18 free outdoor movie screenings at Queens parks throughout July
Popular Stories
Photo via Shutterstock
EXCLUSIVE: Glendale’s 4/20 chef is looking to bring a cannabis-infused coffee shop to Myrtle Avenue
Photo courtesy of Ravel Hotel
New outdoor beer garden at Long Island City hotel is now open to the public
Photo via Facebook/Robert Stridiron
Runaway bus on the Ridgewood/Bushwick border careens into cars and a church, cops say


Skip to toolbar