Queens accounted for the most foreclosures among the New York City boroughs in the first quarter of 2024, with 191, according to a report by the real estate agency PropertyShark.
These 191 foreclosures accounted for 45% of the 424 cases that occurred in New York City this quarter. Its volume was equivalent to the amount of first-time filings in Brooklyn, Manhattan and Staten Island combined. This amount of foreclosures also marked the most in Queens since there were 294 in the first quarter of 2020, when the COVID-19 pandemic began.
The 11377 zip code, which covers parts of Woodside, East Elmhurst, Jackson Heights, Sunnyside and South Astoria, earned the designation as the foreclosure epicenter of New York City. There were a total of 31 foreclosures that occurred within that zip code for the first quarter this year.
Overall, New York City had a 14% year-over-year increase in foreclosures. Among the contributing factors to this increase are the ongoing housing crunch, high interest rates and higher costs of living. However, the 424 foreclosures in New York City actually ended up being the lowest since there were 361 in the second quarter of 2023. It also accounts for just 62% of the 688 seen across New York City during the first quarter of 2020. This is indicative of New York City going at least a little bit against common trends among big cities across the country.
After 2o23 marked the first time since 2019 that there were over 1,000 total foreclosures on the year, the 424 in the first quarter of 2024 indicates that this year will also likely see more than 1,000.
