In a new report released by PropertyShark, Queens was revealed to be leading in foreclosures yet again after reaching 55% of Q3 2019 figures.
In New York City overall, PropertyShark found that foreclosures are up by nearly 100 cases for a 49% quarter-over-quarter increase.
“As New York City home sales slowed over the summer under the pressure of rising interest rates and fears of a recession, the foreclosure sector continued its gradual climb back to pre-COVID levels,” read the report. “And, as expected, foreclosures in NYC trended up.”
The report indicated that New York City totaled 297 foreclosure cases in Q3 — 59% below Q3 2019 levels but up 49% compared to Q2 of this year.
PropertyShark also found that Queens was the largest contributor to the number of foreclosures among the five boroughs.
“Queens’ 150 foreclosures represented a little more than half of the city’s foreclosure activity in Q3,” as stated in the report. “Conversely, Manhattan had the lowest number of cases once again, with only 15 foreclosures recorded in the entire borough.”
Queens had the highest concentration of foreclosures in one ZIP code: 11412. Here, there were 17 cases of foreclosures. PropertyShark even found that the city’s top three ZIP codes by number of foreclosures were all located in Queens in Q2. The ZIP codes included 11412, 11434 with 12 cases and 11413 with 10 cases.
According to PropertyShark, Queens foreclosures have come close to pre-pandemic levels. However, Queens lis pendens remained lower than pre-pandemic levels.