The number of first-time foreclosures in Queens saw a slight increase from the second quarter of 2023 to the same period in 2024, according to a report by the real estate agency PropertyShark.
Year-over-year, foreclosures in Queens rose 8%, from 148 last year to 160 this year. This year’s foreclosures accounted for 44% of all in New York City. Queens typically accounts for the largest amount of foreclosures within the city, due in large part to its property mix, which leans more towards lower-density residential.
After Queens experienced 191 foreclosures in the first quarter of 2024, the most since before the COVID-19 pandemic, this quarter’s 160 presents a step back to the trends seen after the pandemic.
The 11413 zip code, which covers Laurelton and Brookville, accounted for the most first-time foreclosures this quarter in Queens, with 13. This is a significant drop from the 31 such foreclosures in the previous quarter within the 11377 zip code, which covers Woodside.
While Queens did not account for any of the top five most expensive commercial foreclosures sold in the second quarter of 2024, there was one Queens building that ranked among the most expensive residential foreclosures. The property at 118-49 Farmers Blvd. in St. Albans tied for the fifth-most expensive residential foreclosure at $2,438,257 when it was auctioned off on April 4.
While pre-foreclosures in the city ended up rising from 479 in the first quarter of 2024 to 603 in the second quarter, Queens was the only borough to experience a decline over this period of time. Pre-foreclosures there dropped 55%, from 92 last quarter to 41 this quarter.
First-time foreclosures in New York City had a miniscule year-over-year increase from the second quarter of 2023 to the second quarter of 2024. Over this period of time, foreclosures went up just 1%, from 361 last year to 366 this year. This also marks the first quarter with less than 400 foreclosures since the same quarter in 2023.
