More than a decade
after the mortgage bubble burst in the United States, Queens continues
to be ground zero for foreclosures in the city.
In its latest
report, PropertyShark, a website that chronicles residential and
commercial real estate in major U.S. markets, said the borough’s numbers
were up for the first quarter of 2019.
The report, written by Robert Demeter, states
that first-time foreclosures in the city totaled 870 from Jan. 1 through
the end of March, a decrease of five percent over the first three
months of 2018.
But in Queens, the borough had 315 new
foreclosures to begin 2019, a 4-percent increase over the 303 in the
first quarter of 2018, and a 25 percent hike from the 252 registered in
the final quarter of 2018, which includes October, November and
“The 11434 zip code encompassing Jamaica, South
Jamaica, Rochdale and St. Albans neighborhoods had the most foreclosures
in the borough: 28,” according to the report.