2017 Saw the Highest Amount of NYC Foreclosures in 8 Years

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Property Shark released their annual foreclosure report earlier this week, and the results were alarming.

In 2017 there were 3,306 homes in NYC scheduled for auction. According to the report, between the years 2008 and 2012 the amount of foreclosures were declining yearly. However, since 2012 there’s been “a slow, but steady increase in new auctions until 2017, when new foreclosure auctions exploded.”

The report also states that:

As a result, the number of homes scheduled for auction is now getting close to the levels seen in the aftermath of the financial crisis. With 3,306 homes scheduled for auction, 2017 brought a 58% increase year-over-year and the third highest number of cases per year in the last decade. The number of cases has actually almost doubled in just 2 years as 2015 posted 1,762 new foreclosure auctions.

The amount of new foreclosure auctions doubled in Brooklyn from 2016.

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But the most surprising was Staten Island, which had a 134% year-over-year increase compared to 2016.

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Queens say a 40% increase, Bronx a 44% increase, and Manhattan was “almost flat year-over-year.” For the full details on each borough check out the full Property Shark report here.

Featured image source: Photo by Denys Nevozhai on Unsplash

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