New York City closed Q2 2023 with 81% more foreclosures than the previous year. And since the foreclosure moratorium has been lifted, filings were observed to be slightly increasing throughout the city.
However, Queens recorded more foreclosures than Brooklyn and Staten Island combined, which are the next most-active markets, according to PropertyShark. The borough logged 148 first-time filings in Q2 of 2023 for a 19% year-over-year increase, with another 24 first-time filings.
“Queens was also the setting, as per usual, for the highest concentration of foreclosures in one zip code,” read the report. “Specifically, there were 14 unique filings in zip 11412 in St. Albans which, along with the neighborhood of Jamaica, are recurrently the setting of the city’s most concentrated foreclosure cluster.”
PropertyShark also found that, in terms of pre-foreclosures, Queens marked a 13% year-over-year decrease for a total of 200 cases, which is 46% fewer than in the first quarter of 2023.