{"id":43372,"date":"2024-04-04T20:00:00","date_gmt":"2024-04-04T17:00:00","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=43372"},"modified":"2025-05-13T11:55:54","modified_gmt":"2025-05-13T08:55:54","slug":"nyc-foreclosure-report-q1-2024","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2024\/04\/04\/nyc-foreclosure-report-q1-2024\/","title":{"rendered":"2024 Q1 Foreclosure Report: NYC Cases Exceed Half of Pre-Pandemic Figures, Queens &amp; Brooklyn Supply 76% of Citywide Caseload"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Key Takeaways:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>NYC foreclosures tick up 14% Y-o-Y for a total of 424 new cases<\/strong><\/li>\n\n\n\n<li><strong>Manhattan marks first Y-o-Y decrease in first-time filings since Q1 2022<\/strong><\/li>\n\n\n\n<li><strong>Queens supplies city\u2019s foreclosure epicenter as zip 11377 totals 31 unique cases<\/strong><\/li>\n\n\n\n<li><strong>Brooklyn foreclosures jump 57% Y-o-Y, reach 191 instances<\/strong><\/li>\n\n\n\n<li><strong>Bronx case count highest in four years with 43 new filings<\/strong><\/li>\n\n\n\n<li><strong>Staten Island closes slowest foreclosure quarter since late 2016<\/strong> (excepting the timeframe of the foreclosure moratorium) <\/li>\n<\/ul>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-3f9ab300182de46f4a6f5c5b9d006d09\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\">NYC foreclosure overview<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q1_Foreclosures_Up_14_Y-o-Y_Citywide_but_Lower_Than_Previous_Two_Quarters\"><\/span>Q1 Foreclosures Up 14% Y-o-Y Citywide, but Lower Than Previous Two Quarters<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With the ongoing housing crunch, high interest rates and overall cost of living crisis, the foreclosure sector is being closely monitored by industry and economic professionals, as well as the general public. While cases have increased across the country, the <a href=\"https:\/\/www.propertyshark.com\/mason\/NY\/New-York-City\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">NYC foreclosure market<\/a> is going somewhat against the grain \u2014 cases here rose a mere 14% year-over-year (Y-o-Y) and actually decreased 8% quarter-over-quarter (Q-o-Q). On top of that, the 424 foreclosures logged in the first quarter of the year represent only 62% of Q1 2020 levels.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"917cd443-82b5-47dd-a58c-a84711c48f1c\" data-type=\"interactive\" data-title=\"Q1 2024 - NYC Foreclosures\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>2023 wrapped up with NYC foreclosures <a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2024\/01\/10\/nyc-foreclosure-report-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">halfway to 2019 levels<\/a> and marked the first time in four years that the city saw more than 1,000 cases, logging 1,620 first-time filings. While it\u2019s too early to tell how the rest of 2024 will shape up for the foreclosure sector, the first quarter of the year closed with 424 individual first-time cases, coming in below last year\u2019s Q3 and Q4 figures. Meanwhile, nationwide, the post-holiday period marked an uptick in filings.<\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-0c476dd1807b569b2abd3e6f2b276918\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\">Manhattan foreclosures<\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manhattan_Cases_Tick_Down_After_Borough_Was_First_to_Reach_Pre-COVID_Figures\"><\/span>Manhattan Cases Tick Down After Borough Was First to Reach Pre-COVID Figures<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Manhattan was the first borough to reach pre-pandemic foreclosure volumes back in Q1 2023, while the rest of the city lagged significantly behind. As such, a slight correction in the borough is not surprising: <a href=\"https:\/\/www.propertyshark.com\/mason\/NY\/Manhattan\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Manhattan foreclosures<\/a> ticked down 8% Y-o-Y, totaling 34 cases in the first three months of the year. \u00a0<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"ca1c37c3-b71f-46f0-9211-87dbf63a58b4\" data-type=\"interactive\" data-title=\"Q1 2024 - Manhattan - Foreclosures\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p> also represented the lowest figure in five quarters for the borough and marked Manhattan as one of two boroughs where filings decreased Y-o-Y \u2014 joined by Staten Island. Coincidentally, the two boroughs also tied in terms of foreclosure clusters, with their most active areas logging six first-time filings each. Manhattan\u2019s foreclosure hotspot was zip 10036, which covers parts of Clinton, Hell\u2019s Kitchen, the Theatre District, Times Square and Central Midtown.<\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-cfffab4415639c1fc95a53b7bd698ffc\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\">Queens foreclosures<\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Queens_Supplies_Nearly_Half_of_NYCs_Q1_Foreclosures\"><\/span>Queens Supplies Nearly Half of NYC\u2019s Q1 Foreclosures<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/www.propertyshark.com\/mason\/NY\/Queens\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Queens foreclosure market<\/a> remained the city\u2019s most active by a significant margin, accounting for 191 of the city\u2019s 424 cases \u2014 an impressive 45% of NYC\u2019s full volume. In fact, Queens\u2019 Q1 caseload equaled the combined volume of first-time filings in Brooklyn, Manhattan and Staten Island.<\/p>\n\n\n\n<p>The borough also claimed the city\u2019s foreclosure epicenter again, with 31 individual first-time filings logged in zip 11377, which covers parts of Woodside, East Elmhurst, Jackson Heights, Sunnyside and South Astoria. For context, Queens\u2019 most active zip for foreclosures for the entirety of 2023 \u2014 11373 in Elmhurst \u2014 had a total of 50 cases.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"31a1058c-bfe2-44e4-b03f-b99f1db55980\" data-type=\"interactive\" data-title=\"Q1 2024 - Queens Foreclosures\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Queens was also one of the two boroughs where the incidence of cases increased both Y-o-Y and Q-o-Q. Specifically, first-time foreclosures jumped 32% over Q4 2023 figures and climbed 12% over year-ago levels, marking the borough\u2019s most active period in 16 quarters. However, the first three months of the year reached only 65% of Q1 2020 foreclosure cases.<\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-a9c2f24f6505e98dff222d6a8e8b73e3\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\">Brooklyn foreclosures<\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brooklyn_Accounts_for_Almost_One-Third_of_NYC_Foreclosures\"><\/span>Brooklyn Accounts for Almost One-Third of NYC Foreclosures<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As is usually the case \u2014 both in pre-pandemic and post-2020 scenarios \u2014 Brooklyn was the city\u2019s second most active foreclosure market, supplying 130 cases that represented 31% of the city\u2019s caseload. Of this, 26 cases were clustered in just two zip codes, with 11203 in East Flatbush and 11208 in East New York each claiming 13 unique cases.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"cf676522-83b2-4f67-86fd-6be4de641c2f\" data-type=\"interactive\" data-title=\"Q1 - 2024 Brooklyn - Foreclosures\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><a href=\"https:\/\/www.propertyshark.com\/mason\/NY\/Brooklyn\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Brooklyn foreclosures<\/a> followed NYC\u2019s evolution in Q1, with filings increasing Y-o-Y, but trending down compared to Q4. Specifically, the borough logged a 57% jump in first-time foreclosures compared to Q1 2023, while also marking a 35% Q-o-Q drop. Similarly to Manhattan, Brooklyn\u2019s Q1 figures were lower than those recorded in Q3 and Q4 of last year.<\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-1b5859a90768ea6b4ff17fbf5773b033\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\">Bronx foreclosures<\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Bronx_Marks_Sharpest_Foreclosure_Increase_but_Remains_Least_Active_of_the_Five_Boroughs\"><\/span>The Bronx Marks Sharpest Foreclosure Increase, but Remains Least Active of the Five Boroughs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Similarly to Queens, the Bronx also marked its most active period for foreclosures in 16 quarters, logging 43 unique cases in the first three months of 2024. That represented a case incidence increase of 72% Y-o-Y, the sharpest among the five boroughs. But Q-o-Q comparisons show an even more dramatic acceleration of 139% \u2014 easily the sharpest increase in the city, as only Queens logged a Q-o-Q increase and that was of just 32%.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"54a1c365-d44c-4e49-a4be-e71a0d12a392\" data-type=\"interactive\" data-title=\"Q1- 2024 Bronx - Foreclosures\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Pre-pandemic, the <a href=\"https:\/\/www.propertyshark.com\/mason\/NY\/Bronx\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Bronx foreclosure market<\/a> was generally the city\u2019s fourth most active, with Manhattan consistently logging fewer cases. However, since Q2 2020, the Bronx has been by far the least active in terms of foreclosures. Last year, the Bronx was still well below the foreclosure activity of other boroughs, including Manhattan, with the latter totaling more cases in six months (85) than the Bronx did throughout the entirety of 2023 (82).<\/p>\n\n\n\n<p>Nevertheless, the borough\u2019s foreclosure epicenter was only outpaced by Queens\u2019 hotspot. Specifically, the borough\u2019s most active area for foreclosures was zip 10451 \u2014 Mott Haven, Melrose and South Bronx \u2014 where 29 cases were filed, accounting for 67% of Bronx foreclosures in Q1.<\/p>\n\n\n\n<h5 class=\"wp-block-heading toch has-fl-accent-color has-text-color has-link-color wp-elements-c138f2b70fbe9492921a1176e64784f2\" style=\"font-size:16px;font-style:normal;font-weight:700;text-transform:uppercase\">Staten Island foreclosures<\/h5>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Staten_Island_Foreclosures_Lowest_in_More_Than_7_Years\"><\/span>Staten Island Foreclosures Lowest in More Than 7 Years<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Although <a href=\"https:\/\/www.propertyshark.com\/mason\/NY\/Staten-Island\/Foreclosures\" target=\"_blank\" rel=\"noreferrer noopener\">Staten Island foreclosures<\/a> consistently outpaced Manhattan and the Bronx over the last seven quarters, Q1 sharply reversed that trend. In fact, the 26 first-time filings recorded in the first three months of the year represented the lowest figure since Q3 2016, excepting of course the period during which the foreclosure moratorium was in effect. That came as the fifth borough\u2019s foreclosure caseload was more than halved Y-o-Y (-54%) and nearly halved Q-o-Q (-47%).<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"ea64bd75-65b3-4877-9c01-19eec7add983\" data-type=\"interactive\" data-title=\"Q1 - 2024 Staten Island - Foreclosures\"><\/div><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Meanwhile, its foreclosure hotspot equaled Manhattan\u2019s with a total of six cases recorded in zip 10310, which covers parts of West Brighton, New Brighton, Randall Manor, Port Richmond and Castleton Corners.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Methodology\"><\/span>Methodology<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Having tracked foreclosure listings for more than a decade, PropertyShark is the only service in New York that guarantees 100% coverage of the local foreclosure market. Because auctions are frequently postponed and\/or rescheduled, the statistics referenced in this report include only first-time foreclosures in order to avoid over-reporting the number of distressed properties in the city.<\/p>\n\n\n\n<p>This report focuses exclusively on residential properties (single and two-family homes; condos; and co-op units) that were scheduled for auction for the first time in Q1 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As foreclosure cases continued to tick up in Q1, Queens and Brooklyn supplied the bulk of the city&#8217;s caseload, while Manhattan figures started to dip.<\/p>\n","protected":false},"author":49,"featured_media":43373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[389,380,381,283,328,382,390],"tags":[11181,11171,7],"class_list":["post-43372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bronx-real-estate","category-brooklyn-foreclosures","category-manhattan-foreclosures","category-new-york-foreclosures","category-new-york-real-estate","category-queens-foreclosures","category-staten-island-real-estate","tag-old-foreclosure","tag-old-study","tag-residential-sales"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2024 Q1 NYC Foreclosure Report | PropertyShark<\/title>\n<meta name=\"description\" content=\"As foreclosure cases continued to tick up in Q1, Queens and Brooklyn supplied the bulk of the city&#039;s caseload, accounting for 76% of filings.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2024\/04\/04\/nyc-foreclosure-report-q1-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2024 Q1 Foreclosure Report: NYC Cases Exceed Half of Pre-Pandemic Figures, Queens &amp; Brooklyn Supply 76% of Citywide Caseload\" \/>\n<meta property=\"og:description\" content=\"As foreclosure cases continued to tick up in Q1, Queens and Brooklyn supplied the bulk of the city&#039;s caseload, accounting for 76% of filings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2024\/04\/04\/nyc-foreclosure-report-q1-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"PropertyShark Real Estate Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-04T17:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-13T08:55:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2024\/04\/Foreclosure-NYC-Q1-2024.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eliza Theiss\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"2024 Q1 NYC Foreclosure Report | PropertyShark","description":"As foreclosure cases continued to tick up in Q1, Queens and Brooklyn supplied the bulk of the city's caseload, accounting for 76% of filings.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2024\/04\/04\/nyc-foreclosure-report-q1-2024\/","og_locale":"en_US","og_type":"article","og_title":"2024 Q1 Foreclosure Report: NYC Cases Exceed Half of Pre-Pandemic Figures, Queens &amp; 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