Foreclosures are Skyrocketing in the Big Apple

This past January, PropertyShark’s annual foreclosure report revealed that New York City saw a year-over-year increase in foreclosed homes scheduled for auction of 58 percent and year-over-year foreclosure increases in every borough except Manhattan. Now PropertyShark has released their Residential Foreclosure Report for Q1 2018, and those trends toward higher foreclosure rates seem to be continuing in the new year.

PropertyShark’s foreclosure report for last year revealed that the number of foreclosed New York homes hit an eight-year high in 2017. During Q1 2018, the number of new foreclosure cases climbed 31 percent year-over-year. PropertyShark reports a total of 920 new foreclosures logged in NYC during Q1, up from 702 during Q1 2017. New York recorded a higher number of foreclosed homes during Q1 than during any quarter since 2009.

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