New York’s foreclosures hit a height in 2016 not seen since the two years immediately following the 2008 market crash, according to a new report from property research specialists PropertyShark. Queens was the site of the most foreclosures by a significant margin, with southeast Queens particularly hard hit in 2016.
PropertyShark examined foreclosed properties that had been scheduled for auction for the first time in 2016 and the report stated the properties were single-family or two-family homes, or condo or co-op units.
The analysis found that 933 of the 2,202 first-time foreclosures in New York City were in Queens. The number of foreclosures increased from 804 in the borough in 2015, and the 2016 total marks the highest scheduled number of foreclosures since 2010, in which 1,404 foreclosures were scheduled. In total, 42 percent of first-time auctions in the city last year were located in Queens.