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DS News March 2020

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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36 Journal BIG APPLE FORECLOSURES, BY THE NUMBERS Information from PropertyShark reveals foreclosures in New York City fell annually 6% with pre-foreclosures falling 7% in 2019. Manhattan was the lone borough with an annual increase in foreclosure activity, rising 39%. Brooklyn's 11236 zip code accounted for 4% of all city-wide foreclosure activity. e report found foreclosure activity during Q3 2019 was overall flat in New York and first-time foreclosure in 2019 came in 6& lower than 2018. Manhattan had the lowest number of foreclosures—149 cases in 2019. Queens led the nation in foreclosure cases with 1,164. New York City recorded a total of 3,056 first-time foreclosures cases in 2019 compared to 2018's 3,237—the second consecutive year of falling foreclosure activity. Also, 2019 saw New York City have its lowest foreclosure volume since 2016. First- time foreclosures trends in 2019 were more than double the amount recorded in 2014. Brooklyn registered a 187% higher activity of foreclosure in 2019. Foreclosure activity in Staten Island was 313% higher than it was in 2014. Pre-foreclosure in the city also fell in 2019, as 7% fewer filings were recorded last year. Queens reported the largest annual drop with 20% fewer pre-foreclosure cases than in 2018. Staten Island had 4% more lis pendens last year than in 2018. e report states that pre-foreclosure activity was the lowest volume since 2014. e 9,185 lis pendens filings in New York City was a 35% drop compared to 2014 numbers. Brooklyn foreclosure fell 9% last year with 806 unique cases, which is the second- highest volume among the five boroughs. e foreclosure hotspot was in zip code 11236— including parts of Canarsie, Flatlands, Marine Park, Mill Basin, and Bergen Beach. ese areas were responsible for 120 first-time foreclosures, or 15% of the borough's annual volume. is was also the highest number of foreclosures in any New York City zip code last year—accounting for 4% of all first-time foreclosures in the city. While activity was flat in Staten Island, first-time foreclosures spiked in 2017 to 428 from 2016's 183. Staten Island recorded 136 first-time foreclosures in 2014.

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