The New York metropolitan area began 2025 with its quietest foreclosure quarter in five years, according to a new report from PropertyShark. First-time foreclosure filings across 24 counties in New York and New Jersey dropped 7% year-over-year, totaling just 1,503 cases — a figure not seen since early 2020.
Nearly half of the metro’s counties recorded declines, with notable drops in the region’s traditionally most active markets: Queens, Suffolk, Nassau and Brooklyn. Together, those four markets represented 37% of all metro filings. Queens, despite a 14% year-over-year decline, still led with 165 new cases, followed closely by Suffolk (151) and Nassau (135). Brooklyn saw a similar 14% annual decrease to land at 112 cases.
Yet even as the broader trend pointed downward, two boroughs defied the pattern. Manhattan registered 54 first-time filings — a level not seen since late 2016 — marking a 59% annual increase. Similarly, the Bronx recorded 54 cases, a five-year high fueled by a 26% rise year-over-year. Notably, the Bronx’s 10462 ZIP code and Manhattan’s 10026 ZIP code stood out as borough hotspots…