Bronx Foreclosures Up 33% According to PropertyShark; 10466 Zip Code Tops the List

Foreclosures in NYC / Courtesy of PropertyShark

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.

The 10466 Zip Code covering the North Bronx neighborhoods of Wakefield and Edenwald
The 10466 Zip Code covering the North Bronx neighborhoods of Wakefield and Edenwald had the highest listings of foreclosures with 15 properties in this year’s 3rd quarter.

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.

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Ed García Conde

Ed García Conde is a life-long Bronxite who spends his time documenting the people, places, and things that make the borough a special place in the hopes of dispelling the negative stereotypes associated with The Bronx. His writings are often cited by mainstream media and is often consulted for his expertise on the borough's rich history.