The NYC foreclosure market continued to slow in the third quarter of the year and first-time filings dropped to their lowest levels in seven quarters. Year-over-year, foreclosure cases were down 17% and much of that was driven by the significant drop in Queens (-26%) and Brooklyn (-35%) cases. Meanwhile, Bronx cases doubled over the same period reaching the second-highest number since the end of the foreclosure moratorium in early 2022.
Other key takeaways from our study:
- The Bronx logs 40 cases in Q3, doubling year-over-year, but still logs less than half the caseload of Q1 2020 (the last quarter unaffected by CoViD-19 shutdowns);
- Staten Island activity slows to 39 filings and takes over from the Bronx as city’s slowest foreclosure market for the second time this year;
- Manhattan remains the only borough back to pre-pandemic levels of activity;
- City’s foreclosure hotspot moves from Queens to Brooklyn’s Canarsie as zip 11236 concentrates 17 cases;
- NYC totals 354 first-time foreclosures in Q3, marks third consecutive quarter of declining activity;
- The Bronx claims 11 of the city’s 17 commercial foreclosures in Q3.
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