9 Mind-Blowing Foreclosure Statistics for 2023

Statistics are essential for comprehending the impact of foreclosures on the New York property market. Foreclosures can significantly impact homeowners, neighborhoods, and the overall economy, and statistics can assist in quantifying and analyzing these effects.

Statistics, for example, can be used to track the number of foreclosures in the state, the number of properties in danger of foreclosure, and the demographics of homeowners most likely to experience foreclosure. This data can be used to discover trends and patterns and establish policies and programs to assist people who are most in danger of losing their homes.

In addition to tracking foreclosures, statistical data can be used to evaluate the effectiveness of initiatives and policies meant to assist homeowners in avoiding foreclosure. For example, you can use statistics to compare foreclosure rates in areas with help programs vs. places with no aid.

Foreclosure is the legal process by which a lender seeks to recover the amount owed on a defaulted loan by seizing and selling the mortgaged property. Default is typically triggered when a borrower fails to make a certain number of monthly payments, but it can also occur when the borrower fails to meet other terms in the mortgage document. In this article, we’ll examine 9 key foreclosure statistics in New York to better understand the state of foreclosures in the area.

General Foreclosure Stats

1. Foreclosures in New York Increased by 227.5%, from 2,343 in the First Half of 2021 to 7,673 in the First Half of 2022.

Foreclosures in New York increased by 227.5%, from 2,343 in the first half of 2021 to 7,673 in the first half of 2022. The state’s foreclosure rate of one in every 1,106 homes is the 24th highest in the country.

2. Last Year, New York City Recorded 28% Of All Foreclosure Cases in 2019.

Following the lifting of the foreclosure temporary ban, filings gradually resumed last year, totaling 867 cases by year’s end. Fewer cases were filed in that time compared to the first 16 weeks of 2020, when there were 826 filings, before the courts stopped the activity. With the temporary ban in place in 2021, the city only had 82 foreclosures, a fraction of its usual caseload.

3. Brooklyn Accounts for 40% Of All NYC Foreclosures, with Seven Clustered in Zip 11234 Alone

Brooklyn led the five boroughs in foreclosures at the start of last year, with 35 unique cases, representing less than one-quarter of the first-time foreclosures recorded in Q1 2020 and 84% fewer than in Q1 2019. In addition, out of all the five boroughs, Brooklyn had the most foreclosures in a single zipcode (Sources: New York zip code map). Seven of Brooklyn’s 35 foreclosures occurred in zip 11234, which includes Marine Park, Mill Basin, and Bergen Beach. Canarsie, and flatlands.

4. Manhattan Retains 42% of Its Pre-Epidemic Foreclosure rate.

With 63 cases last year and 151 in 2019, Manhattan foreclosures were the closest to pre-pandemic activity levels, falling only 58% short of 2019 figures and representing the sharpest activity return among the five boroughs.

5. Queens Pre-Foreclosures Are 15% Lower than They Were in 2021.

After Manhattan, Queens was the next city with pre-pandemic levels. In 2021, 434 initial foreclosures represented 47% of all cases in 2019. Furthermore, of the 867 foreclosure cases that were filed in the entire city last year, half were in Queens.

6. 59% Of Americans Believe It Is Unethical for Homeowners to Allow Their Homes to Be Foreclosed On Intentionally

19% of respondents still believe it’s acceptable for homeowners to stop making mortgage payments and abandon their homes consciously. According to the same statistics on foreclosure, an additional 17% of people think it all depends on the situation.

7. The Bronx Had 34 Foreclosure Cases, Accounting For Only 9% Of the Borough’s Total Caseload in 2019

When comparing the five boroughs’ foreclosure markets last year, The Bronx’s had the least amount of pre-foreclosure activity. In the borough last year, there were just 220 lis pendens filings and 34 foreclosures combined.

8. Staten Island Lis Pendens Increased 84% Over 2021 Figures.

After registering the second-most foreclosure rate in NYC in the second and third quarters of last year, Staten Island ended 2022 with 156 cases, the third-highest number in the city. Furthermore, the number of cases in the borough last year was 72% lower than in 2019, and the number of pre-foreclosures was 43% lower.
However, Mid-zip Island’s code 10314, a foreclosure hotspot, recorded 22 cases. That number was higher than the 13 in the epicenter of Manhattan and matched the supercluster of foreclosures in Brooklyn.

9. In the Fourth Quarter of Last Year, One Out of Every 1,549 Properties in the United States Had a Foreclosure Filing

In the fourth quarter of last year, there were 90,715 foreclosure filings in the United States, a 2% decrease from the previous quarter but a 6% increase from the year before. In the fourth quarter, one out of every 1,549 properties in the United States had a foreclosure filing.

Conclusion

Using statistics in the study of foreclosures provides essential insights into the causes and consequences of this issue and assists policymakers and advocates in developing effective solutions.

After reading this article, we hope you’ve gained some insight into the foreclosure situation in New York City.