2024 Q3 Foreclosure Report: NYC Caseload Drops for Third Consecutive Quarter, Marks Least Active Period Since Q4 2022
Driven by significant slowdowns in Queens and Brooklyn, NYC foreclosures reach lowest levels in seven quarters.
Driven by significant slowdowns in Queens and Brooklyn, NYC foreclosures reach lowest levels in seven quarters.
NYC foreclosures remained flat in Q2, up just 1% Y-o-Y, with Queens accounting for 44% of all cases, while the Bronx had just 33 cases.
As foreclosure cases continued to tick up in Q1, Queens and Brooklyn supplied the bulk of the city’s caseload, while Manhattan figures started to dip.
NYC foreclosure cases nearly doubled in 2023, yet the city’s caseload remained at only half of pre-pandemic figures.
NYC recorded 427 foreclosure filings in the third quarter of 2023, up 18% compared to the previous quarter.
As Q2 comes in just 12 cases below Q1, it remains to be seen if the change is part of a wider trend of stabilization or just a seasonal glitch.
Hitting 3-year high, foreclosure activity is steadily returning to NYC but first-time cases are still half of what they were pre-Covid.
Queens remains at the center of NYC’s foreclosure activity with 150 cases of the city’s 297 total, reaching 55% of its Q3 2019 foreclosure levels.
Queens foreclosures surge 300% in Q2 2022, fueling a NYC-level increase in foreclosure cases of 146%, also boosted by Staten Island trends.
After the expiration of the foreclosure moratorium, cases are starting to appear in NYC, with Brooklyn claiming 40% of the city’s 87 cases.
Key Takeaways: Foreclosure activity increased in just one borough, with Manhattan surging 39%. Y-o-Y NYC…
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