Queens Foreclosures Skyrocket In First Three Months of 2019
Queens Foreclosures Skyrocket! should be the headline of a recent report by Property Shark. Property Shark found that Queens is seeing a spike in foreclosures. Southeast Queens neighborhoods seem to be the hardest hit.
PropertyShark recently released their Residential Foreclosure Report for Q1 2019. New York City saw a 5 percent decrease in first-time foreclosures. This followed the downward trend from the end of 2018.
Yet, Queens saw the highest number of first-time foreclosures compared to the rest of the boroughs with 315 homes on the auction block.
Queens foreclosure rates rose 25 percent compared to the fourth quarter of 2018. However, year-over-year foreclosure rates only rose 4 percent overall.
The highest number of foreclosed properties in Queens this quarter were listed in the 11434 ZIP code. The ZIP code covers parts of South Jamaica, St. Albans and Springfield Gardens. It also listed 28 reported foreclosures. Following behind is the 11413 ZIP code (Laurelton, Springfield Gardens) with 22 foreclosures and the 11412 ZIP code (St. Albans) with 21 foreclosures.
This quarter, New York City saw a 13 percent decrease in homes in pre-foreclosure. However, Queens saw a total of 898 homes in pre-foreclosure, marking a 10 percent increase year-over-year and a 7 percent increase quarter-over-quarter.
To read the full report, visit www.propertyshark.com/Real-Estate-Reports/NYC-Foreclosure-Report.