As the first-time foreclosure market continued to slow across New York City during the third quarter of 2024 compared to the same period of time the previous year, Queens contributed immensely to this change, according to a report by the real estate agency PropertyShark.
Across New York City, first-time foreclosures dropped 17%, from 427 in the third quarter of 2023 to 354 in the third quarter of 2024. Over that same period, first-time foreclosures in Queens dropped 26%, from 167 to 124.
While Queens has often historically claimed the largest share of foreclosures among all the New York City boroughs due to the low-density residential stock, that lead was barely held in the third quarter of 2024, with just 15 more first-time foreclosures than in Brooklyn.
One big change in the foreclosure market in Queens was that, for the first time in ten quarters, the borough did not claim the zip code with the most foreclosures in New York City. The 11420 zip code in South Ozone Park led the way for Queens with nine first-time foreclosure filings, but this was just over half as many as the 17 within the 11236 zip code in the Canarsie neighborhood of Brooklyn that took the top spot.
The second-most expensive foreclosure auction in New York City during the most recent quarter was a 2,475-square-foot two-family frame home in Richmond Hill. This property went under bank ownership for $1.23 million. Additionally, Queens had the second-most expensive residential auction in this quarter, with the $4.45 million three-home sale in College Point.
