BY ARIEL HERNANDEZ
In a recent study done by Property Shark, leading real estate data provider, data show that of the 2,202 first-time foreclosures scheduled in 2016, 933 were in Queens, leaving the borough accountable for 42 percent of the city’s first-time auctions.
The study was conducted by taking into account foreclosed residential properties–either single-family or two-family homes, and condo or co-op units–that were scheduled to auction for the first time in 2016. By evaluating properties that received at least one lis pendens filing in 2016–either first-time filing or a refiling–it was able to determine that as a whole, New York City first-time foreclosures increased 18 percent compared to 2015.
While first-time time foreclosures happened to increase this year, since 2013 lis pendens filings in New York City have been following a descending trend, with a recorded 7 percent year-to-year decrease. Although the 12,573 filings may appear to be good news for the city, it’s disappointing news for Queens, which had 4,903 filings, making it the highest number of filings compared to the other boroughs.
When Property Shark evaluated the borough by zip code, they found that 11434, which is accountable for much of Southeast Queens, continues to be what it calls “a foreclosure hotspot.” In Jamaica, South Jamaica, Hollis and St. Albans alone, there were a total of 84 homes scheduled to be auctioned in 2016.
Overall, the study shows that Queens still has the highest number of homes scheduled of all boroughs, and with 933 properties, it accounted for almost half of the total foreclosures and registered a 16 percent year-over-year increase.
The full report can be seen at http://www.propertyshark.com/Real-Estate-Reports/NYC-Foreclosure-Report
Reach Ariel Hernandez at (718) 357-7400 x144 or firstname.lastname@example.org