NEW YORK CITY FORECLOSURE ALERT: First Time Foreclosures Filings Skyrocket In The Big Apple!

MFI-Miami has issued a New York City Foreclosure Alert.

Property Shark is reporting that total New York City lis pendens filings increased by 13% in Q2.

The report also indicates a total of 3,070 properties entering the pre-foreclosure stage for the first time.

However, there were no major changes when it comes to actual foreclosures filings.

Yet, foreclosures will inevitably begin skyrocketing in the coming quarters.

NEW YORK CITY FORECLOSURE ALERT: New York City Foreclosure Filings By The Numbers

Each borough saw significant spikes with the largest ones occurring in Brooklyn and Staten Island. Both boroughs saw a 43% increase in lis pendens filings. The Bronx saw also saw an increase of 41%. However, Manhattan and Queens pre-foreclosures increased by 17%.

The city also saw a 3% contraction in unique cases quarter-over-quarter, The number of foreclosures is still high in the city. However, the last couple of quarters growth rate was stable with cases hovering around 700/800 per quarter.

Staten Island led the five boroughs with a 9% increase year-over-year. Brooklyn had a 7% rise in foreclosures. However, Manhattan completely flatlined. Queens foreclosure cases actually decreased by 9%. Shockingly, Bronx foreclosures filings plummeted by 24%. Brooklyn saw the largest increase in lis pendens with a 13% increase. Bronx County foreclosures saw the steepest drop. Filings dropped by 36%.

Citywide Lis Pendens filings increased by 13% spike year-over-year. New York City has also seen a 31% increase quarter-to-quarter.

Brooklyn real estate brokers are worried. They claim this is bad. They claim the 43% increase in foreclosures represents 240 homes going into foreclosure. This is 7% higher than the 226 homes foreclosed during the same quarter in 2018 and 13 percent higher than the 213 homes foreclosed during the first three months of 2019.

Eastern Brooklyn saw the largest number of lost properties with 36 foreclosures in Canarsie zip code 11236. There were 23 new lis pendens were filed on properties in the zip code of 11207 and 22 new lis pendens were filed in zip code 11208.