A recent report found that the “World’s Borough” is seeing a spike in foreclosures, particular in southeast Queens neighborhoods.
PropertyShark recently released their Residential Foreclosure Report for Q1 2019. Overall, New York City saw a 5 percent decrease in first-time foreclosures, following the downward trend from the end of 2018.
Even so, Queens saw the highest number of first-time foreclosures compared to the rest of the boroughs with 315 homes on the auction block.
Compared to the fourth quarter of 2018, foreclosure rates in Queens rose 25 percent. However, year-over-year foreclosure rates only rose 4 percent overall.
Just like during the previous 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 28 reported foreclosures. Following behind is the 11413 ZIP code (Laurelton, Springfield Gardens) with 22 foreclosures and the 11412 ZIP code (St. Albans) with 21 foreclosures.
This quarter, New York City saw a 13 percent decrease of homes in pre-foreclosure. However, Queens saw a total of 898 homes in pre-foreclosure, marking a 10 percent increase year-over-year and a 7 percent increase quarter-over-quarter.
To read the full report, visit www.propertyshark.com/Real-Estate-Reports/NYC-Foreclosure-Report.