First-Time Foreclosures Increased Dramatically In New York City in 2017

First-time foreclosures in New York City increased 58% in 2017 compared with 2016, according to a report on PropertyShark.

The NYC Residential Foreclosure Report for 2017 shows that about 3,306 homes were scheduled for foreclosure in 2017 – a level not seen since 2009.

Of the five boroughs, Staten Island saw the biggest increase in foreclosures over the year – up 134%. Queens and the Bronx saw foreclosures increase of 40% and 44%, respectively.

And in Brooklyn, first-time auctions doubled compared to 2016, according to a blog post from PropertyShark’s Andra Rus.

About 12,072 homeowners received a lis pendens filing in 2017, down 4% year-over-year.

According to the post, new foreclosures in NYC peaked in 2008 and then dropped each year until 2012.

But after 2012, New York City saw “a slow, but steady increase in new auctions until 2017, when new foreclosure auctions exploded,” Rus states.

“As a result, the number of homes scheduled for auction is now getting close to the levels seen in the aftermath of the financial crisis,” writes Rus. “With 3,306 homes scheduled for auction, 2017 brought a 58 percent increase year-over-year and the third highest number of cases per year in the last decade. The number of cases has actually almost doubled in just two years, as 2015 posted 1,762 new foreclosure auctions.”

For more, including a breakdown of foreclosure activity by borough, click here.


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