Oct. 11, 2023 By Ethan Marshall
According to Property Shark’s foreclosure report for New York City during the third quarter of 2023, Queens experienced the second-largest amount of foreclosures this year. With 167 foreclosures in the borough, only the first quarter of 2023 saw a larger amount in Queens, with 171.
Compared to the third quarter of 2022, Queens experienced a 11% year-over-year increase. There were 17 additional first-time filings that occurred. Compared to the 148 foreclosures in the previous quarter, there was a 13% increase.
Elmhurst was determined to be the epicenter for Queens foreclosures. Of the 167 foreclosures submitted across all of Queens in the third quarter, 36 filings were in Elmhurst. Other areas that received a large amount of filings included Springfield Gardens with 12 and Jamaica with 11.
When it came to pre-foreclosures, the number increased 8% year-over-year from 248 cases in last year’s third quarter to 269 this year. The amount of pending filings was still significantly lower than where it was prior to the COVID-19 pandemic. Before the pandemic, there would often be 700-1,000 cases each quarter.
Despite the high amount of foreclosures in Queens, it is still significantly less than before the pandemic. In the first quarter of 2020, for example, there were a total of 294 foreclosures. After that, it wasn’t until the second quarter of 2022 that the number of foreclosures in Queens reached triple digits again, at 124.
In total, New York City experienced 427 foreclosures during the third quarter of 2023. This represented a year-over-year increase of 44% and a quarterly increase of 18%.
Property Shark has been tracking foreclosures for more than a decade. The statistics referenced in their report are excluded to first-time foreclosures in an effort to avoid overestimating the amount of distressed properties in New York City. Residential properties are exclusively focused on for this report. If more than three units were referenced on the same pre-foreclosure filing, they were excluded in order to avoid accounting for entire buildings.