STATEN ISLAND, N.Y. — Residential foreclosure filings are decreasing on Staten Island, a new report noted, identifying only 35 surrendered properties in the third quarter of 2023 — a 44% decline since last year. But according to the data, there is still a definitive hotspot where these legal processes are occurring.
“With 11 unique cases [this quarter], Staten Island’s foreclosure hotspot was zip code 10314,” noted the findings from PropertyShark.com, a property research tool used by real estate professionals, investors and homebuyers in New York and other major U.S. markets. “The area saw the most foreclosure filings in the borough so far this year, with a total of 28 cases recorded.”
It’s the same hotspot that PropertyShark named in its January report, after the area logged a total of 22 cases in 2022.
Still, the findings were overwhelmingly positive: According to PropertyShark, Staten Island is the only NYC borough that registered fewer foreclosure cases than last year, dropping from 62 fillings in Q3 2022. And the Staten Island pre-foreclosure rate dropped 63%, from 544 in Q2 to 204 in Q3.
The citywide stats were not as good: Overall, there was an 18% increase in NYC foreclosure cases in Q3 2023 compared to the previous quarter, with 427 cases recorded as opposed to 361. Some numbers were astounding, with the Bronx registering a staggering 1,990% increase in pre-foreclosures quarter-over-quarter and Brooklyn logging a 185% increase since last year.
But NYC foreclosures remained below pre-pandemic levels, the report stated, when first-time residential foreclosures reached 688 cases in Q1 2020.
“The New York City residential foreclosure market continues to be in flux, influenced by factors such as the lifting of COVID-19 moratoriums, rising interest rates, shifting housing demand, and their collective impact on homeowners citywide,” the report noted.
For more insights and market-specific data, view the full report at https://www.propertyshark.com/Real-Estate-Reports/nyc-foreclosure-report/.
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