PropertyShark, one of the most trusted tools for real estate professionals, has issued its latest foreclosure report and things aren’t pretty for The Bronx.
Although foreclosures dropped by 28% from the last quarter, they have increased by 33% compared to the 3rd quarter last year with 110 properties entering foreclosure for the first time.
While that number may seem low, considering that The Bronx has the lowest rates of homeownership in New York City, it’s a sizable chunk of our borough’s housing market.
The Bronx ties second with Brooklyn with both accounting for 21% each of total first time foreclosures in NYC. Only Queens saw a larger increase with a 35% increase over last year’s 3rd quarter.
Foreclosures in the 10466 zip code, which covers Wakefield and Edenwald in the North Bronx, accounted for the highest total with 15 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.