Queens had more foreclosures than any other borough in 2023, accounting for 39% of all cases across the city, according to a report by the real estate firm PropertyShark.
Of the 1,620 foreclosures in New York City in 2023, 631 of them were in Queens, including 50 in Elmhurst. The Queens foreclosure number was up 45% from 2022, when 434 cases were filed. However, the concentration of foreclosures in Queens dipped in 2023; for instance, in 2022, 47% of foreclosures across the city were in the World’s Borough.
The report notes that pre-foreclosures also experienced a slight increase in Queens from 2022 to 2023. They ended up increasing 9% year-over-year, from 1,026 to 1,184.
Last year also marked the first time since 2019, before the COVID-19 pandemic, that New York City as a whole reached quadruple digits in foreclosures. However, the number of foreclosures across New York City is still less than half the total number of foreclosures in the city in 2019. For example, despite foreclosures nearly doubling in Queens from 342 in 2020 to 631 in 2023, the number pales in comparison to the 1,165 in 2019.
According to the report, it will still take some time before the number of foreclosures reach the amounts seen prior to the COVID-19 pandemic. This is exemplified by the small increase experienced in pre-foreclosures from 2022 to 2023. The 4,935 pre-foreclosures in 2023 represented just a 5% increase from the 4,680 in 2022. It is also a far cry away from the 9,185 in 2019.
