Housing foreclosures in the five boroughs spiked to an eight year high in 2017, a level not seen since the 2008-9 recession. Citywide scheduled auctions increased an average of 58% between 2016 and 2017.
Manhattan was the only borough that didn’t show a dramatic increase in foreclosures, levels remained flat at nearly zero. Over the last 25 years, that has been the case. Manhattan property owners who get in a jam can always find a buyer or a tenant if need be. The movement in the market is constant, which guarantees that you can get out.