According to a new report released by PropertyShark, the NYC foreclosure market was its most active in 11 quarters, with Queens remaining the most active area for foreclosures in the city.
According to the report, Queens had 171 foreclosure cases filed in Q1 alone, more than double the amount of cases in Brooklyn. Jamaica claimed the highest concentration of first-time foreclosures in one neighborhood with 20 cases, according to PropertyShark.
Since before the pandemic, Queens recorded the highest increase in pre-foreclosures, surging 143% over Q1 2020.
In its report, PropertyShark mentioned that was the foreclosure moratorium was lifted in Q1 2022, foreclosures and pre-foreclosure activity in the city has risen at a steady pace. However, NYC lis pendens decreased quarter-over-quarter, with four of the five boroughs trending down and Queens trending up.
“While Queens lis pendens were up 13% quarter-over-quarter, citywide cases were down 8%,” the report stated. “The slowdown was most evident in Manhattan, where pre-foreclosure filings dropped 37% quarter-over-quarter.”
According to PropertyShark, Queens supplied nearly half of the city’s foreclosure caseload. However, foreclosures in the borough remained 42% below pre-pandemic levels.
