While the city is experiencing a decline in first-time foreclosures, a recent report found that Queens continues to be the borough with the highest number of foreclosures and pre-foreclosures.
PropertyShark recently released their Residential Foreclosure Report for Q4 2018, which measured the number of first-time foreclosures and pre-foreclosures throughout the city. Overall, New York City had 720 homes hitting the auction block for the first time during the fourth quarter of 2018, increasing only slightly from the third quarter, which saw 716 foreclosures. However, the city as a whole had a 14 percent decrease in first-time foreclosures year-over-year.
While the world’s borough had a quarter-to-quarter decrease of 17 percent, Queens saw the largest number of first-time foreclosures throughout the five boroughs with 252 homes on the auction block this quarter. Additionally, Queens saw an 8 percent year-over-year increase in first-time foreclosures, marking the borough as the only one to have an increase from 2017 to 2018.
Just like during the last quarter, the highest number of foreclosed properties in Queens this quarter were listed in the 11434 ZIP code, covering parts of South Jamaica, St. Albans and Springfield Gardens.
With 2,113 pre-foreclosures this quarter, the city overall had a 16 percent decrease year-over-year in pre-foreclosures. Despite the decrease, Queens had the most pre-foreclosures this quarter with 842 homes in pre-foreclosure.
To read the full report, visit www.propertyshark.com/Real-Estate-Reports/NYC-Foreclosure-Report.