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Queens top for foreclosure numbers in city

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New York’s foreclosures hit a height in 2016 not seen since the two years immediately following the 2008 market crash, according to a new report from property research specialists PropertyShark. Queens was the site of the most foreclosures by a significant margin, with southeast Queens particularly hard hit in 2016.

PropertyShark examined foreclosed properties that had been scheduled for auction for the first time in 2016 and the report stated the properties were single-family or two-family homes, or condo or co-op units.

The analysis found that 933 of the 2,202 first-time foreclosures in New York City were in Queens. The number of foreclosures increased from 804 in the borough in 2015, and the 2016 total marks the highest scheduled number of foreclosures since 2010, in which 1,404 foreclosures were scheduled. In total, 42 percent of first-time auctions in the city last year were located in Queens.

The borough with the next highest number of foreclosures was the Bronx, with 478, followed by Brooklyn, with 451 foreclosures in total in 2016, according to PropertyShark. However, the report did indicate that Bronx and Brooklyn had seen the highest percentage increase in the rate of foreclosures since the year before. The analysis also found that New York foreclosure rates had increased by 141 percent in the last five years.

The 11434 zip code, which includes Jamaica, Hollis and St. Albans, had the highest number of foreclosures in the city at 95 in total. It was the only Queens zip code neighborhood that made the top five in terms of foreclosure amounts citywide, according to the report.

Queens also had the highest number of pre-foreclosure Lis Pendens, a filing indicating a potential legal action such as foreclosure proceedings. In Queens, there were 4,903 filings out of 12,573 citywide, though PropertyShark found that the number of Lis Pendens had continued to decrease in the city since a seven-year high in 2013.

Reach reporter Patrick Donachie by e-mail at pdonachie@cnglocal.com or by phone at (718) 260–4573.

Updated 2:16 pm, January 13, 2017
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Reader feedback

yshaggy from jamaica says:
Like we needed a a story to confirm this, it really does not look as bad out there now as it did 7 or 8 years ago when it was nothing to see boarded up homes on every block, and this was not caused by the banks as they would like you to believe or white people leaving in droves, they had already left in the early 70's. Rochdale Village went for well over 90% white Jews to 100% AA in what seems to me overnight.
Jan. 13, 2017, 3:09 pm
ClemUSA from queens says:
So this is something new...? Must be a slow day over at all the fake news sites, including this one. Interesting timesledger does a piece on this yet allows scammy real estate ads on their very page.
Jan. 14, 2017, 5:09 am
Joe Moretti from Jamaica says:
While so-called “leaders” want to blame predatory lenders (who are slime bags no doubt) and with the exception of a job loss causing one getting behind on the mortgage, too many people’s eyes were bigger than their pocket books and bought homes that they were in no way going to be able to make the monthly mortgage and that blames goes to the people who did not really think the process out.

So while predatory lenders take some fault, the big problem were the homeowners who signed on the dotted line regardless of what the banks told them etc. Common sense, if you only make $50,000 a year, you don’t buy a $300,000 home or apartment, because how the hell are you going to make payments. Yes, those financial institutions are predatory, but you can only be preyed upon if you let them. People must take responsibility for their actions and that goes for everything in life. Like if you treat your community like it is a garbage dump and have no pride, others will swoop in and take it from you. Enough of the blame game folks, cause that s**t gets OLD FAST.

https://cleanupjamaicaqueens.wordpress.com/
Jan. 14, 2017, 7:04 pm
Helton from Flushing says:
Well said, Joe.

I'm sick of excuses for people who had no business buying a home in the first place.

People need to accept responsibility for their actions.

As Zep once sang, "It's Nobody's Fault But Mine."
Jan. 15, 2017, 8:06 pm

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