Within the first three months of 2024, the Bronx has filed 43 foreclosures according to PropertyShark. This is the borough’s highest number of cases in four years since Q1 2020, with 85 foreclosures.
The Bronx was ranked third in number of foreclosures among the boroughs this quarter. Queens had 191 cases and Brooklyn had 130.
Though PropertyShark still calls the Bronx the “least active foreclosure market” due to its low total case numbers since 2020, the borough saw a sharp uptick compared to former quarters. The Bronx saw a 72% year-over-year increase from early 2023 — making the highest jump of anywhere in the city — and an even more dramatic increase of 139% since last quarter in late 2023, according to the PropertyShark report.
Bronx data marks a significantly higher increase in foreclosures than New York City as a whole. Across the city there was a 14% year-over-year increase in foreclosure filings and even a 8% decrease in filings since last quarter, according to the report. As a whole, NYC filed 424 foreclosure cases this quarter, down from Q4 2023’s total of 459 cases.
According to the report, the Bronx’s most active area for foreclosures was zip 10451, which includes the neighborhoods of Mott Haven, Melrose and the South Bronx. This area filed 29 cases, making up 67% of Bronx foreclosures during Q1.
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