The Bronx has seen a surge in foreclosures during 2016 accounting for the biggest increase from 2015 in New York City according to data released by PropertyShark, one of the most comprehensive real estate data sources in NYC.
Pelham Parkway South, parts of Morris Park, Parkchester, Castle Hill, Wakefield, and Edenwald in the 10466 and 10462 zip codes (both are tied with 65 each) had the most foreclosures listed with a total of 130 of 478 total properties entering in default.
These neighborhoods account for over a quarter (27%) of The Bronx’s foreclosures for last year.
Geographically speaking, the East Bronx also led foreclosures in The Bronx and in the West Bronx, Riverdale led the list.
Interestingly enough, foreclosures in the South Bronx were pretty scattered throughout without one area being as concentrated as 10462 and 10466 zip codes.
Overall, New York City has seen the highest rates of foreclosures since 2010 with a total of 2202 properties citywide registering as first time foreclosures.
One of the most important and often neglected tip on avoiding foreclosure or dealing with it is to communicate with your bank or lender. It is imperative that they know what’s going on and generally they will work with you to help you as best as possible.
For more tips, check out Avoiding Foreclosure by the US Department of Housing and Urban Development.