Oct. 21, 2024 By Ethan Marshall
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.