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.