Staten Island’s Foreclosure Activity Largest Year Over Year Slowdown In NYC – But Still Trending Higher By Quarter

Staten Island posted steepest Y-o-Y decline in foreclosures for Q2 [PropertyShark report]

Editors note: Staten Islander News recently covered the trend toward more renters everywhere in NYC – except Staten Island.  And island homeowners saw a rise in their purchasing power – bucking trends around the US leading to a loss of purchasing power.  We also covered how foreclosures affect communities disproportionately and risk factors for communities.   

The NYC foreclosure market has been slow to recover post-moratorium: Year-over-year, NYC foreclosures have stagnated, showing only a minimal 1% increase in Q2 2024 — just 5 more than during the same period last year. As of Q2 2024, foreclosure levels are only at 53% o Q1 2020 figures, the last quarter before COVID-19 shutdowns. 

Meanwhile, Staten Island experienced the sharpest year-over-year slowdown in foreclosure activity, with cases dropping 31% in Q2 2024. This translated to just 17 fewer cases and 38 in total, accounting for only 10% of NYC’s second-quarter foreclosures. 

Key Takeaways: 

• Despite the year-over-year decrease, Staten Island saw a 46% increase in foreclosures quarter-over-quarter, adding 12 additional cases 

• Nearly one in five Staten Island foreclosures were concentrated in zip code 10312 in Mid-Island, which claimed 7 cases 

• Pre-foreclosures jumped 54% over Q1 figures in Staten Island, reaching 134 filings 

For more insights and market-specific data, check out our full report here:  https://www.propertyshark.com/Real-Estate-Reports/nyc-foreclosure-report/  

From the report: 

Staten Island Marks Sharpest Y-o-Y Foreclosure Slowdown

Similar to Manhattan — and in pronounced opposition to Queens, Brooklyn and the Bronx — Staten Island foreclosures were also down year-over-year. Specifically, Staten Island cases dropped 31% Y-o-Y — the sharpest decrease across the five boroughs. Notably though, that translated to just 17 fewer cases with the borough’s second-quarter foreclosure total reaching a mere 38 first-time filings. Only the Bronx had a slower second quarter than Staten Island.

Staten Island was also in line with Manhattan’s quarter-over-quarter evolution, and in sharp contrast to the other three boroughs, with foreclosures jumping 46% Q-o-Q. At the same time, nearly one in five Staten Island foreclosures were clustered in one zip code, in Mid-Island’s 10312.

The Bronx Remains NYC’s Least Active Foreclosure Market

Another new normal for NYC’s foreclosure market seems to be the Bronx’s trailing position in foreclosure activity. While Manhattan was the borough with the least active foreclosure sector before COVID, the Bronx has held that position consistently post-moratorium: Q1 2024 was the only exception as its 43 first-time filings surpassed Manhattan’s 34.

Then, in the second quarter of the year, foreclosure dynamics returned to post-moratorium equilibrium as the Bronx had 33 first-time foreclosures — the lowest figure among the five boroughs. Due to the previous quarter’s temporarily inflated numbers, the borough 23% drop in activity looks larger than it truly was.

Property Shark