A new report from PropertyShark (real estate data provider) says that Brooklyn experienced the largest increase in foreclosures out of any of the New York City boroughs.
According to the study, titled “2023 Q3 Foreclosure Report…”, Brooklyn recorded 168 first-time residential foreclosures in the third fiscal quarter, which led all boroughs.
The third quarter foreclosure mark represented a 85% jump over the previous quarter (91), and also was a 185% surge over the foreclosure result this time last year.
Brooklyn’s year-to-year increase was by far the highest in New York City, with Manhattan recording the next-largest rise at 147%, while other other boroughs such as Queens (11%) and Staten Island (-44%) experienced minimal and decreased rates of foreclosures, respectively.
According to PropertyShark, Brooklyn’s 168 foreclosures was the highest total that the borough has experienced since the first quarter of 2021 (162 filings), which was right before the eviction moratorium was imposed in New York due to the COVID-19 pandemic.
The area that was affected the most was reportedly zip 11234, which experienced 22 initial foreclosure filings, the study says,
Neighborhoods that reside in the impacted area include Marine Park, Flatlands, Old Mill Basin, Mill Basin, Bergen Beach, and Georgetown.
In addition to recording the most foreclosures, Brooklyn also registered the largest amount of lis pendens filings.
Lis pendens filings, which is latin for “suit pending,” are public notices that lenders will initiate when they start the process of foreclosure (ala pre-foreclosure).
Brooklyn’s lis pendens filings totalled 645 cases in the third quarter of this year, which was a quarterly inflation of 158%. This significant jump occurred after the borough recorded a 59% drop in recorded pre-foreclosure cases from Q1 to Q2.
To read the report in its entirety, visit the PropertyShark website.
