- New York City’s first-ever foreclosures are 146% higher than Q1 figures
- Citywide lis pendens up 7% QoQ
- Queens cases surge 300% quarter-on-quarter to 124 first foreclosure
- Manhattan foreclosures down to just 8 first-time filings
- Brooklyn records pre-foreclosure high at 508
- Staten Island records 50 new foreclosure cases after two years of inactivity
- The Bronx did not record any foreclosures
Less than six months after the COVID-19 Emergency Evictions and Foreclosures Act of 2020 expired on January 15, New York City (NYC) foreclosures are slowly rising, but pre-pandemic. It remains far from level. For comparison, Q1 2020 (the last quarter of foreclosure activity in NYC before the moratorium was passed) had 688 initial foreclosure applications, compared to 199 in Q2 2022. There have been new foreclosures.
To better understand how the foreclosure market has evolved since the moratorium was lifted, we compared foreclosure activity in the second quarter of this year to the first quarter. In addition, Q2 2020 and Q2 2021 were impacted by the moratorium, so we compared Q2 this year figures to Q2 2019.
Overall, this approach shows an increase in activity in the New York City foreclosure market after the moratorium, with the second quarter of this year being 146% more active than the first quarter. However, Q2 2019 recorded 77% fewer first-time submissions than the same period in 2019.
Queens facilitates increased NYC QoQ foreclosures with help from Staten Island
After Q1 2022 turned out to be the slowest quarter for the foreclosure sector, Q2 should have ended higher, barring the timeframe when the moratorium was active. As such, 199 first-time foreclosures were recorded in the second quarter compared to 81 in the first quarter, representing a quarter-on-quarter increase of 146% across the five governorates. Notably, this increase was primarily driven by Queens, where foreclosures quadrupled QoQ, and Staten Island, where the number of foreclosures increased from zero in Q1 to 50 in Q2. .
Meanwhile, Lispenden is also on the rise in New York City. Quarterly numbers rose 7%, reaching 1,040 pre-foreclosures across the five boroughs, with almost half (508) recorded in Brooklyn. was close to Specifically, pre-foreclosure activity in Q2 2022 was down 66% compared to Q2 2019, while foreclosures were down 77%.
Manhattan Foreclosure Lowers QoQ, But Lis Pendens More Than Doubles
With the end of the foreclosure moratorium, there were 12 initial foreclosures in Q1 2022, but that number dropped to just eight in Q2 of this year. As a result, Manhattan had the lowest number of foreclosures among his five boroughs, except for the Bronx, which had no foreclosures in the second quarter.
There were 26 foreclosures in the borough in the second quarter of 2019, in contrast to the eight foreclosures recorded between April and June of this year. So Manhattan saw a 69% drop in activity this quarter.
And while it certainly represents a big difference, it’s far from the most dramatic comparison of pre- and post-pandemic numbers. % decreased.
Notably, only two of the borough’s eight first-time foreclosures were recorded in the same zip code (10005), which covers some areas around Wall Street and the Financial District. .
Conversely, the Manhattan pre-foreclosure rose sharply in the second quarter, totaling 63 lis pendens and increasing QoQ by 110%. At the same time, prior to the Manhattan foreclosure in Q2 2022, that’s all Down 48% from Q2 2019, Manhattan came closest to pre-pandemic levels of the five boroughs.
Queens foreclosures surge 300%, citywide cases rise
Foreclosures increased fastest in Queens in Q2, jumping 300% in QoQ to a total of 124 first-time cases. Not only was it the highest number of foreclosure applications in a single district, it also represented a 62% decrease in cases compared to Q2 2019, the lowest rate of decline in the city. What’s more, that surge in Queens was also a major factor in the increase in foreclosures across the city compared to the beginning of the year.
Queens also claimed to have the highest concentration of foreclosures in one zip code. Specifically, zip code 11434 in the St. Albans, Rochdale area of Jamaica was the setting for 13 first-time foreclosures.
However, filings for lis pendens progressed much more slowly than in the previous quarter. Queens’ pre-foreclosure rate increased just 2% quarter-over-quarter, from 226 in Q1 to 230 in Q2. Also, compared to the same period in 2019, 78% fewer foreclosures took place in Queens in Q2 2022 than in Q2 2019.
Brooklyn sees 93% fewer foreclosures in Q2 2022 than Q2 2019
Quarter-over-quarter, foreclosures also slowed in Brooklyn, with 17 first-time filings, 43% below the first quarter’s figure. Three of them were recorded in eastern New York and parts of Bushwick, concentrated in 11207 zip code.
Brooklyn also recorded 17 first-time foreclosures during the second quarter, compared to eight in Manhattan, but actually experienced the largest decline in foreclosure activity compared to the second quarter of 2019. Brooklyn recorded the number, down 93% from 242 three years ago.
Still, Brooklyn Rhys Pendence in Q2 2022 was closer to pre-pandemic levels than the foreclosure rate. In fact, Brooklyn had the most unique cases of any of his five boroughs in the second quarter. Specifically, Ward said he totaled 508 lis pendens between April and June 2022. That’s a negligible 1% increase over the first three months of the year, and he’s 51% less than in Q2 2019.
Bronx Passes 2nd Quarter Without First Foreclosure
Despite eight first-time foreclosures filed in the Bronx in the first three months of 2022, no first-time lawsuits were filed in the second quarter. For comparison, there were 96 cases in the borough in the second quarter of 2019.
And as far as pre-foreclosure activity goes, the Bronx recorded 70 cases between April and June. This is 82% fewer than his 392 lis pendens filed in Q2 2019. Pre-pandemic foreclosure rates.
Staten Island records 50 first-time foreclosures in Q2 after just one in two years
In the two years (or eight quarters) since the pandemic hit New York and foreclosures were halted, Staten Island recorded only one case dating back to the third quarter of 2021, while the other four boroughs recorded the same period. There was a small number of foreclosures in In fact, Staten Island did not record its first foreclosure in the first quarter of this year, even after the moratorium was lifted earlier this year.
However, there were a total of 50 new foreclosures in Q2, nearly a third of the 159 recorded in Q2 2019. Epicenter of foreclosure activity in District 10314 code.
Staten Island saw a 17% increase in pre-foreclosure counts in Q2 over Q1, the second-highest quarter-over-quarter increase, but a far cry from the 110% surge posted by Manhattan. was. And compared to the second quarter of 2019, Staten Island had 64% less Pendence than him between April and June, just halfway between the top end of Manhattan and Brooklyn and the bottom end of Queens and the Bronx. arranged the wards.
PropertyShark has been tracking foreclosure listings for over 10 years and is the only service in New York that guarantees 100% coverage of the local foreclosure market. Because auctions are often postponed and/or rescheduled, the statistics referenced in this report include only first-time foreclosures to avoid over-reporting the number of distressed properties in the city. I’m here.
Separately, we report on the filing of lis pendens (pre-foreclosure), a legal notice marking the beginning of the foreclosure process.
This report focuses exclusively on residential properties (single-family and two-family homes, condominiums, co-op units) scheduled to go to auction for the first time in Q2 2022.
Pre-foreclosure data refers to unique properties with at least one lis pendens claim in Q2 2022. This may be a first-time application or a re-application. The same building class restrictions apply, except for coops. If more than two units were referenced in the same lis pendens filing, they were excluded to avoid calculating the entire building.