First-time foreclosures in New York’s Five Boroughs stagnated at it its too-high-for-comfort level, according to a recent report by PropertyShark. The city tallied 881 scheduled foreclosures in Q2, which is about where they were in Q1 and a year earlier.
Foreclosure numbers have stayed near the 900 mark since the beginning of 2017 when they more than doubled compared to most of the previous three years.
Most scheduled foreclosures were in the boroughs of Queens and Brooklyn, which made up about two-thirds of the cases. Queens’ 356 scheduled foreclosures amounted to a 17 percent uptick over Q1, but it was down from 388 properties a year earlier. Despite the high number of foreclosures, there was an 8 percent drop in foreclosure auctions in the borough in Q1, according to the report.
Brooklyn saw 226 properties head to the auction block in the borough during the second quarter, but even with the second-most-foreclosed properties in New York City, the numbers were still down 14 percent year-over-year and down 18 percent from Q1.
Foreclosure cases were up 39 percent year-over-year in Staten Island. However, fewer properties headed to the auction block compared to the first quarter of 2018.
“In total, 146 homes were scheduled for auction in Q2 2018,” the report stated. That’s a 23 percent contraction quarter-over-quarter.
There were 127 homes scheduled for action in Bronx in Q2, a year-over-year dip of 8 percent and a month-over-month drop of 9 percent. Meanwhile, Manhattan closed Q2 with 26 properties headed to the auction block, a 28 percent decrease both year-over-year and quarter-over-quarter.
Homes entering pre-foreclosure dropped 13 percent from Q2 of 2017, the report found. There were 2,772 residential lis pendens cases, which, despite the yearly drop, was an 8 percent increase quarter-over-quarter.
“In the first quarter of 2018, a total of 2,694 pre-foreclosures have been registered,” the report stated. “In Q2 2017, the city recorded 2,862 cases.”
At the borough level, Queens had the most lis pendens cases in Q2, with 1,005. Brooklyn followed with 861 pre-foreclosures, then Staten Island with 378.
“Year-over-year, pre-foreclosures decreased in most boroughs, the only exception being the Bronx,” the report stated. There was a 2 percent uptick there.
Brooklyn recorded the largest year-over-year drop in lis pendens filings, 16 percent.