A new report found that while the borough is seeing a decrease in foreclosures, Queens still has the highest number of homes hitting the auction block compared to the rest of the city.
PropertyShark recently released their their Residential Foreclosure Report for Q3 2019. Overall, New York City as a whole saw a 1 percent increase in first-time foreclosures year-over-year.
While Queens saw a 16 percent decrease year-over-year (and a 16 percent decrease quarter-over-quarter), the borough still had the highest number of first-time foreclosures with 272 reported cases.
Once again, 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 23 new foreclosure cases. This was also the highest number of foreclosures in any New York City ZIP code this quarter.
Following close behind was the 11413 ZIP code (Laurelton, Springfield Gardens) with 21 foreclosures and the 11412 ZIP code (St. Albans) with 19 foreclosures.
While the number of pre-foreclosures increased 4 percent year-over-year in New York City overall, Queens was the only borough to see a decrease with 720 cases registered. This marks a 13 percent decrease year-over-year and a 24 percent decrease quarter-over-quarter.
To read the full report, visit propertyshark.com/Real-Estate-Reports/NYC-Foreclosure-Report.