First-time foreclosure rates in New York City have declined, with Queens making a significant contribution to this trend, according to a recent report by PropertyShark. The citywide first-time foreclosure count decreased by 17% from the third quarter of 2023 to the same period in 2024, dropping from 427 to 354. Queens experienced an even sharper reduction, with a 26% decrease, from 167 to 124 cases. Historically the borough with the most foreclosures due to its low-density housing, Queens narrowly maintained the lead in the third quarter of 2024, surpassing Brooklyn by only 15 cases. Notably, this quarter marked the first time in ten quarters that a Queens zip code didn’t have the highest number of foreclosures in the city. The 11420 zip code in South Ozone Park had the most in Queens, with nine foreclosures, while the 11236 zip code in Canarsie, Brooklyn, led the city with 17. Additionally, Queens hosted two of the highest-valued foreclosure auctions: a two-family property in Richmond Hill sold for $1.23 million, and a three-home property in College Point was auctioned for $4.45 million, marking the second-highest sale in the city for the quarter.