While the number of foreclosures in New York City are decreasing, Queens is seeing a slight increase in homes that are going to the auction block, according to a recent report.
PropertyShark released their Residential Foreclosure Report for Q3 2018, which measured the amount of first-time foreclosures as well as pre-foreclosures throughout the five boroughs. New York City had an overall decrease in first-time foreclosures with 716 in Q3, marking the first time that this number has been under 800 since Q1 2017.
Queens saw a five percent raise in foreclosures this quarter compared to 2017 with an increase from 288 to 303 first-time foreclosures. While it was only a 15-house increase, Queens had the highest number of foreclosures going to the auction block compared to the rest of New York City.
The highest number of foreclosed properties in Queens were listed in the 11434 ZIP code, covering parts of South Jamaica, St. Albans and Springfield Gardens.
Overall, New York City as a whole has 2,309 pre-foreclosure listings, dropping 36 percent year-over-year and 15 percent quarter-over-quarter. Compared to the last 19 quarters, Q3 2018 has had the fewest cases overall.
Despite the citywide decrease, Queens still had the largest number of pre-foreclosure listings with 825 cases this quarter. They were followed by Brooklyn and Staten Island, which had 776 and 312 pre-foreclosure cases, respectively. While Queens had the highest number of pre-foreclosure listings compared to the rest of the city, the borough still had a 42 percent decrease year-over-year.
Click here to read the full report.
