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A new report suggests that, within the last five years, foreclosures have more than doubled in New York City area.  Rates grew 114 percent, as a city -- as 1,424 foreclosures in 2014 turned into 3,056 foreclosures in 2019.  But, on the bright side, these numbers are dropping. 

“[L]ast year’s 3,000-plus foreclosures are the lowest New York City has seen since 2017 – when foreclosures topped 3,300 – which made 2019 the second year in a row rates have fallen,” Patch reads.  

According to PropertyShark, Manhattan saw a 40 percent spike in foreclosures, last year alone, and is the only borough that has seen a foreclosure rate increase. However, the actual number is still the lowest out of all the boroughs.  The borough of Queens, for example, saw the biggest increase with 1,164; double its 2014 rate.  Staten Island, however, saw the biggest jump from 2014 to 2019, with a 313 percent jump.  

Although Queens saw the highest number, Brooklyn is home to the zip code with the most foreclosures:  “11236” saw 120 foreclosures in Canarsie, Flatlands and Mill Basin.  

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To read the full report on PropertyShark, click here: https://www.propertyshark.com/Real-Estate-Reports/NYC-Foreclosure-Report 

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Should you require foreclosure defense, or other assistance with a real-estate matter, please do not hesitate to contact one of our real-estate attorneys at 212-619-5400.