BOMBSHELL: Manhattan Foreclosures Skyrocket By 118%
Property Shark posted it’s latest foreclosure activity report for New York City. Manhattan foreclosures have skyrocketed 118% compared to a year ago. That is not good news for Manhattanites because property values will be plummetting soon.
Manhattan wasn’t the borough with triple-digit foreclosure increases. Staten Island saw an unprecedented 183% increase in foreclosures.
However, the news wasn’t so gloomy for Queens and the Bronx. Foreclosures in the Bronx saw a 51% drop from the third quarter of 2018. Queens saw a 16% drop in foreclosure filings in the past year.
First-time foreclosures in New York City stagnated despite major foreclosure activity increases in two boroughs. New York City only saw an uptick of 1% city-wide uptick year-over-year.