Manhattan was the lone borough with an annual increase in foreclosure activity, rising 39%. Brooklyn’s 11236 zip code accounted for 4% of all city-wide foreclosure activity.
The report found foreclosure activity during Q3 2019 was overall flat in New York and first-time foreclosure in 2019 came in 6& lower than 2018.
Manhattan had the lowest number of foreclosures—149 cases in 2019. Queens led the nation in foreclosure cases with 1,164.
New York City recorded a total of 3,056 first-time foreclosures cases in 2019 compared to 2018’s 3,237—the second consecutive year of falling foreclosure activity.
Also, 2019 saw New York City have its lowest foreclosure volume since 2016. First-time foreclosures trends in 2019 were more than double the amount recorded in 2014.
Brooklyn registered a 187% higher activity of foreclosure in 2019. Foreclosure activity in Staten Island was 313% higher than it was in 2014.
Pre-foreclosure in the city also fell in 2019, as 7% fewer filings were recorded last year. Queens reported the largest annual drop with 20% fewer pre-foreclosure cases than in 2018. Staten Island had 4% more lis pendens last year than in 2018.
The report states that pre-foreclosure activity was the lowest volume since 2014. The 9,185 lis pendens filings in New York City was a 35% drop compared to 2014 numbers.
Brooklyn foreclosure fell 9% last year with 806 unique cases, which is the second-highest volume among the five boroughs. The foreclosure hotspot was in zip code 11236—including parts of Canarsie, Flatlands, Marine Park, Mill Basin, and Bergen Beach. These areas were responsible for 120 first-time foreclosures, or 15% of the borough’s annual volume.
This was also the highest number of foreclosures in any New York City zip code last year—accounting for 4% of all first-time foreclosures in the city.
While activity was flat in Staten Island, first-time foreclosures spiked in 2017 to 428 from 2016’s 183. Staten Island recorded 136 first-time foreclosures in 2014.