Foreclosures have continued to run riot in Queens more severely than pretty much anywhere else in the country ever since the housing market in 2008 caved in. But a report which was published recently gave some positive indications that have been sought after for so long by the borough for the third quarter of 2019.
PropertyShark.com, a website that keeps precise records of residential and commercial real estate in the country’s major markets, claimed that 272 properties experienced foreclosure in Queens between July and September.
Regardless of this being the highest total of the five boroughs, it was also plagued severely by sharp declines, as compared to the second quarter of 2019 and the third quarter of 2018.
This number represents a decrease of 16%, as compared to the 303 registered from July to September 2018 and 10% in single or new cases, according to the report written and published by Robert Demeter.
The drop in the second quarter of this year was even more dramatic: it dropped by 24% compared to the 324 recorded from April to June.
A total of 720 lis pendens, the notifications needed to initiate court proceedings that resulted in a seizure, accounted for a 13% drop in Queens compared to the third quarter of 2018. All the news was not good.
“The 11434 postal codes, which include the neighborhoods of Jamaica, South Jamaica, Rochdale and St. Albans, contained 23 new foreclosure cases – the largest number in the borough,” wrote Demeter.
This number is higher than the 252 recorded in Queens in the fourth quarter of 2018, but it is also the second time in the last seven quarters that Queens has fallen below 300.
The borough of the world held up well with the city’s overall trend, which rose 1% from the third quarter of last year to 723.
“The Bronx, Brooklyn and Queens continue the downward trend they’ve been experiencing since 2018,” said Demeter.
The Bronx was the only borough to have a better percentage than Queens, with its first 68 foreclosures, down 51% from last year. The quarter-over-quarter decrease was 29%.
Brooklyn fell 2% year-over-year from 203 to 199. This was down 16% from the second quarter of this year.
The percentages of Staten Island and Manhattan have grown staggeringly, although, in Manhattan, the number of total properties is much lower.
Manhattan is up 118% from last year, but this represents an increase from 22 to 48 in the last quarter of last year, an increase of 48 properties. PropertyShark indicates that this rounding has not been seen since the fourth quarter of 2016.
Staten Island was hard hit in the last quarter, from 48 unique cases this year to 136 times, an increase of 183%. It was down from the 159 filed last quarter.
The report attributes this dynamic to a large number of list pendents filed in the borough during the third quarter of 2018, many of which became foreclosure proceedings, which were pursued by local defense firms.