New York

<h1>New York Pre-Foreclosure Rates Signal Uneven Recovery: Sees Uptick Amid Long-Term Decline</h1>
<h2>A Slower Decline, a Sudden Rise</h2>
<p>In a modest brick duplex on the outskirts of Yonkers, Maria Santiago watches her phone screen light up with messages from her mortgage servicer. Her job at a local warehouse was cut to part-time two months ago. Now, she’s late on her mortgage for the first time since buying the home eight years ago. “I’ve never missed a payment—never,” she says, her voice tight with frustration and anxiety. “But everything just became too expensive, too fast.”</p>
<p>Maria’s story is echoed across New York, where the number of homes entering pre-foreclosure—properties at risk of being repossessed by the bank—rose to 1,393 in September 2024, a 7.82% increase from the month prior (1,292 in August). While still down significantly from a year ago, when <a href="https://www.realtytrac.com/foreclosure/pre-foreclosure/"><strong>pre-foreclosures</strong></a> stood at 2,221, the month-over-month jump suggests a renewed strain on many homeowners just as signs of broader economic recovery remain fragile.</p>
<h2>Economic Headwinds Meet Pandemic Aftershocks</h2>
<p>The housing market, once buoyed by low interest rates and government protections, is now exposed to the realities of inflation, persistent wage stagnation, and pandemic-era scars. From utility bills to groceries, the cost of living continues to outpace income growth, especially for working-class families and low-wage earners. And higher interest rates—now hovering above 7%—have not only halted homebuying but put adjustable-rate mortgage holders in an especially precarious position.</p>
<p>For many, like Maria, who juggle rising rents, childcare costs, and shrinking hours at work, the burden is too much. “I don’t understand how I’m working more and falling behind faster,” she says. “Everything feels like it’s collapsing at once.”</p>
<p>Her situation is statistically significant. Despite New York’s overall 37.29% year-over-year decrease in <strong><a href="https://www.realtytrac.com/foreclosure/pre-foreclosure/">pre-foreclosure</a></strong> filings compared to September 2023, the uptick from August to September this year suggests that cracks in the surface remain. For residents like Maria, the numbers may be going down—but the risk of housing insecurity is still very real.</p>
<h2>A Long View of Distress in the Housing Market</h2>
<p>To understand how we arrived at this moment, it’s useful to look at the data spanning two decades. In 2009—the peak of the foreclosure crisis tied to the Great Recession—New York saw nearly 65,000 pre-foreclosure filings.</p>
<p>Then came the COVID-19 pandemic. With foreclosure moratoriums and stimulus funds, pre-foreclosures plummeted to just 6,397 in 2021—a low few thought possible. But those numbers, now three years in the rearview mirror, have edged upward ever since: first to 19,657 in 2022, then 25,562 in 2023. Through the first nine months of 2024, New York has recorded 13,485 <strong><a href="https://www.realtytrac.com/foreclosure/pre-foreclosure/">pre-foreclosure</a></strong> filings, suggesting the state is on track to finish the year well below 2023 levels.</p>
<p>But the month-to-month rise this September serves as a warning: while annual indicators suggest improvement, that progress is fragile and uneven.</p>
<h2>Behind the Numbers: A Widening Divide</h2>
<p>Without access to county- or city-specific data for September 2024, we can’t say exactly where the pressure is greatest. But historically, areas like Suffolk County, the Bronx, and parts of Brooklyn have borne the brunt of housing distress—places with high concentrations of working-class residents, many of whom are people of color and immigrants. These communities have fewer safety nets, little intergenerational wealth, and are more susceptible to job losses during economic downturns.</p>
<p>And so while the broader narrative of housing data may trend downward, it fails to capture the acute pain in these pockets. A drop from over 2,200 <strong><a href="https://www.realtytrac.com/foreclosure/pre-foreclosure/">pre-foreclosure</a></strong> filings last year to roughly 1,400 this September might read as progress—but for the families represented by these numbers, the experience is one of desperation, not recovery.</p>


Market Reports

New York Pre-Foreclosures Up 7.82% Despite 37% YoY Drop

NY pre-foreclosures rose 7.8% in Sept., hinting at housing strain despite YTD declines, highlighting uneven recovery and deep-rooted affordability issues.

New York Pre-Foreclosures Up 7.82% Despite 37% YoY Drop - RealtyTrac

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RealtyTrac

Olga is a renowned expert in foreclosure and real estate, known for her in-depth knowledge and strategic approach to managing distressed properties. As a writer for RealtyTrac, she provides valuable insights and advice to help readers navigate the complexities of the real estate market.

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Olga Ronis

Idaho

Idaho Pre-Foreclosures Surge 190%: What’s Behind It?

Idaho’s rocky housing market sparks concern as pre-foreclosures quietly surge, revealing deep financial strain on vulnerable homeowners in 2024.

Idaho Pre-Foreclosures Surge 190%: What’s Behind It? - RealtyTrac

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Peter Ranck

Oklahoma

oklahoma

Oklahoma Pre-Foreclosures Up 18.97% as Homeowners Struggle

Oklahoma homeowners face a surge in pre-foreclosures due to inflation, high costs, and financial strain spiking housing instability statewide.

Oklahoma Pre-Foreclosures Up 18.97% as Homeowners Struggle - RealtyTrac

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Henry Kim

Vermont

vermont

Vermont Pre-Foreclosures Down 25%—But At What Cost?

Vermont’s pre-foreclosures have dropped, but many homeowners still struggle with rising costs, wage stagnation, and fading financial relief programs.

Vermont Pre-Foreclosures Down 25%—But At What Cost? - RealtyTrac

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New York Pre-Foreclosures Up 7.82% Despite 37% YoY Drop

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