First-Time Foreclosures In Queens Rocket To The Highest Level Since 2008
First-time foreclosures in Queens have hit an 8 year high and equal 45% of the foreclosures in New York City. The city had 2,202 foreclosed homes in 2016 with 933 of the Queens according to PropertyShark.
First-time foreclosures in the five boroughs have also spiked by 141 percent in the past five years since 2011. Yet, the number of foreclosures are still far from the highs reached in 2008 and 2009.
Queens recorded 804 first-time foreclosures in 2015. The borough recorded 933 in 2016.
The hotspots for foreclosures appears to be in ZIP code 11434. This Zip code covers Jamaica, Hollis, and St. Albans. The neighborhood posted 84 foreclosures last year. This is the highest number of new foreclosures in one neighborhood throughout all five boroughs.
The foreclosure numbers in Queens appear high. Yet, the borough did not register the highest year-over-year increase in the city. Brooklyn saw a 20% increase in foreclosures with 365 new cases.
The number of first-time foreclosure filings appears to be on the increase. Yet, pre-foreclosure filings have decreased an average of 7% since 2012.
Homeowners in foreclosure could find the only option to keep their home is by fighting the foreclosure. Lenders are making it harder to get loan modifications now that HAMP is no longer around.
Finch Rating Agency has also stated, “Modification decision timelines will shorten, which may lead to a reduction in liquidation timelines.”
New York Homeowners will be forced to fight their lenders to stay in their home.