After seeing highs in 2017 not recorded since the Great Recession, Queens is beginning to see a decrease in first-time foreclosures, according to a new report.
An analysis published by researchers at PropertyShark determined that the borough saw a 13 percent year-over-year decrease in the first quarter of 2018 — opposing the citywide trend. While Queens recorded 303 foreclosures, the most of any borough, it was the only borough to see a significant decrease to start 2018.
The borough’s 11434 ZIP code, which covers areas of Jamaica, Hollis and St. Albans, continues to record the highest foreclosure activity in the borough. A total of 35 foreclosures were reported in the first quarter of the year within the ZIP: one of the highest numbers recorded throughout the city.
In another report released last month, Jamaica was also flagged as one of 10 of the “most seller-friendly” residential markets throughout the city for 2018. There, according to StreetEasy, homes are less likely to see a price cut and sell more quickly than in other city neighborhoods.
Neighboring ZIPs 11412, 11413 and 11433, which include the neighborhoods of St. Albans, Laurelton and Springfield Gardens, also registered some of the highest foreclosure numbers in the borough.
ZIP codes 11361, 11103, 11105 and 11371, covering areas of Bayside, Astoria and East Elmhurst, were the only in the borough to post no foreclosures to start the year.
The only other borough to see a decrease in the first quarter of the year was Manhattan, which only saw a slight reduction after not registering any substantial fluctuations in recent years. Brooklyn, the Bronx and Staten Island each saw a 64, 33 and 226 percent increase, respectively.
After peaking in 2008, new foreclosures in NYC dropped steadily in following years until numbers bottomed out in 2012. A “slow but steady” increase followed.
In 2017, home foreclosures in Queens surged by 40 percent, with a total of 1,260 first-time foreclosures recorded for the borough that year. This mirrored a citywide trend, according to PropertyShark, where foreclosure auctions in the five boroughs “exploded.”
The PropertyShark study focused on residential properties scheduled for auction for the first time in 2017. Residential properties included in the analysis were single- and two-family homes and condo and co-op units.
View the full foreclosure report here.
