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NYC foreclosures doubled in past five years, with Manhattan foreclosures jumping 39% in 2019: report | amNewYork

NYC foreclosures doubled in past five years, with Manhattan foreclosures jumping 39% in 2019: report

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BY GRANT LANCASTER

In a year when foreclosures were down across most of the city, Manhattan posted a drastic increase in foreclosures in 2019 – 39% – despite having the lowest number of total foreclosures, according to a PropertyShark report.

New York City foreclosures dropped 6% in thanks to decreased foreclosure activity in Brooklyn, Queens and the Bronx along with a steady number on Staten Island, the report showed.

There were a total of 3,056 first-time foreclosures in the city, the lowest number since 2016, with Queens contributing 1,164 of these. Despite Manhattan’s large percentage increase, that borough reported 149 foreclosures in 2019, the least of any borough, compared to 107 the year before. The report noted that the 2018 number was unusually low.

By contrast, the Bronx had the steepest drop in foreclosures, reporting 21% less than in 2018.

Despite the city-wide drop in foreclosures, the study’s five-year report shows a different picture.

New York City foreclosures have more than doubled since 2014, when there were 1,427 first-time foreclosures across all five boroughs.

Staten Island reported the most dramatic five-year foreclosure increase, 313% higher than 2014.

Read the full report at propertyshark.com.

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