Foreclosures Climb in This Major City-and Even the Most Elite ZIP Codes Aren't Spared
Briefly

New York City faced an 11% increase in foreclosure rates during the second quarter of 2025, with significant impacts in Manhattan. The borough saw 46 new foreclosure filings, up 15% compared to the previous year. The 10022 ZIP code, which has a median list price of $1.3 million, recorded eight defaults, highlighting vulnerabilities in even affluent neighborhoods. Factors such as rising interest rates, economic distress, and the conclusion of pandemic protections against foreclosure may be driving these trends, indicating pressures on the luxury market and potential softening demand for high-end rentals.
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, suggesting 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.
Read at SFGATE
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