Brooklyn Home Foreclosures Predicted To Spike In Upcoming Months

BROOKLYN, NEW YORK — A recent spike in Brooklyn foreclosures is only about to grow larger with more than 1,000 pre-foreclosures filed in the last three months, according to a new study.

More than 240 foreclosed Brooklyn homes went up for auction between April and June of 2019 as the number of pre-foreclosures filed jumped 43 percent to 1,040, a Property Shark analysis shows.

The number of homes foreclosed in the second quarter — 242 — is 7 percent higher than the 226 homes foreclosed during the same quarter in 2018 and 13 percent higher than the 213 homes foreclosed during the first three months of 2019, the report shows.

That 13 percent spike was the largest increase in the city, and Brooklyn and Staten Island were the only two boroughs to buck a city-wide trend that had foreclosure rates dropping 4 percent, data show.

Eastern Brooklyn saw the largest number of lost properties with 36 foreclosures in Canarsie zip code 11236, 23 in the East New York zip code 11207 and 22 in the Cypress Hills zip code 11208.

And the number of foreclosures is only predicted to rise because the number of pre-foreclosures filed in this year's second quarter represent a "whopping" surge, analysts wrote.

"Foreclosures will inevitably see an uptick in forthcoming quarters," the report reads.

This spike is part of a city-wide trend. Staten Island and The Bronx both saw spikes in pre-foreclosure filings of more than 40 percent while the number increased by 17 percent in Manhattan and Queens.