New York City faced an 11% rise in foreclosure rates in the second quarter of 2025 compared to the previous year. Manhattan saw a 15% year-over-year increase in new foreclosure filings, with 46 in total. The high-priced 10022 ZIP code was particularly affected, indicating that even wealthy areas are not immune to financial distress. Influencing factors include rising interest rates and the conclusion of pandemic-related protections. The uptick may suggest softening demand for high-end rentals, and the luxury market shows signs of economic strain.
Rising interest rates, broader economic distress, and the end of COVID-19 pandemic-era protections against foreclosure could both be influencing foreclosure trends, even in historically wealthy areas like ZIP 10022.
This uptick in filings suggests that even the luxury market is feeling the stress of today's broader economic uncertainty.
Old money does not guarantee liquidity, and high carrying costs and interest rates could be weighing on owners.
The rise in foreclosures could signal that demand has softened for high-end rentals.
Collection
[
|
...
]