According to a new report by PropertyShark on the New York metro foreclosure sector, 71 percent of the region’s markets have cooled down. On Long Island, foreclosure trends were mixed as first-time filings dropped 43% year-over-year in Nassau County and rose 20% year-over-year in Suffolk County.
In fact, Suffolk County was the most active foreclosure market in the metro, totaling 933 cases. Nassau County accounted for 567 first-time filings as the 3rd most active foreclosure hotspot in the metro, after Queens. All in all, Long Island accounted for 24% (1,500 cases) of the metro’s foreclosures, 19% fewer than the year before.
- Nassau County saw the highest drop in foreclosures in the metro, with a 43% year-over-year decrease, logging 567 first-time filings.
- Totaling 933 first-time filings, Suffolk County accounted for 15% of the metro’s foreclosures and was its most active market.
- Suffolk and Nassau counties were the #1 and #3 most active foreclosure markets in the metro, separated only by Queens at #2.
- First-time foreclosures decreased by at least 20% in half of the metro's markets.
- NYC residential foreclosures slipped 9% year-over-year from 1,620 first-time filing in 2023 to 1,475 last year.
Explore further details about the New York metro foreclosure market here: https://www.propertyshark.com/Real-Estate-Reports/ny-metro-foreclosure-report/.