New Report Says Brooklyn Foreclosures Up 27%
Another week, another new set of abysmal foreclosure stats, this time from RealtyTrac via a report in the Post. RealtyTrac’s numbers for the first quarter of ’08 show that one in every 241 Brooklyn homeowners is now in the foreclosure process, more than double last year’s rate. New York-area foreclosures are up 34 percent. RealtyTrac’s…
Another week, another new set of abysmal foreclosure stats, this time from RealtyTrac via a report in the Post. RealtyTrac’s numbers for the first quarter of ’08 show that one in every 241 Brooklyn homeowners is now in the foreclosure process, more than double last year’s rate. New York-area foreclosures are up 34 percent. RealtyTrac’s data takes into account that the city’s foreclosure process is very long, and a company rep says we probably haven’t reached the bottom yet. “We are still waiting for the other shoe to drop,” says RealtyTrac spokesman Daren Blomquist. Rep. Nydia Velazquez says more of her constituents are calling her up as rates rise on their ARMs. “They call because they don’t know what to do,” she says, also noting that she expects the situation to get worse. RealtyTrac’s report on New York foreclosures differs substantially from Property Shark’s first quarter report, which said there had been a 66 percent rise in the number of new foreclosures scheduled in New York City in the first quarter of this year. The difference in stats may be rooted in the fact that Property Shark only tracks new foreclosures. Either way, the news ain’t good.
Metro Foreclosure Rate Soars 34% [NY Post]
Graphic from the Post.
“Anyone who uses the phrase “omg” is immediately discredited in my mind. ”
Which you said 5 times. If that is your one and only retort then I officially won the argument.
[ “if it’s double last year’s rate, why is the increase not 100% as opposed to the 26.6% shown on the map?”
Ahhhh, good question, ‘Native. There are now fewer homeowners in Brooklyn to divide by which means inventory is up. The smart money has snuck out. ]
The way I took it – they’re trying to make it sound worse. Double the “rate” of 26.6% to me means that last years rate was 13.3%. The also add 1 in 241 which sounds bad, but in perspective, it means less than 1/2 percent.
All of this data doesn’t paint a great picture and possibly shows the beginning of a decline – but not yet the end of the world. We’ll see how the rest of the year and post election economy goes.
i’m in your blog correcting ur grammar.
Funny, 11:14, the misuse of data is/are bugged me, too. Wasn’t going to say anything, but since you mentioned it…
Please folks, stay in Manhattan. Trust me, Brooklyn sucks. You don’t want to live here like I have all my life. Leave it to us troglodites and you can all keep your shiny chity. Keep our tax dollars and stay out of my borough!
“Here is one opinion Adam, Go fuck yourself.”
I get the feeling he doesn’t want to talk to you, Adam. Maybe it’s me.
Hey What you asshat… you didn’t expalin your knowledge of major banks capital restructuring like I asked above…probably since you haven’t a clue
One more chance….define “crash” Can you even define recession???
If you were misquoted by Adam I’m sure it would only benefit you!!!
Someday this guy’s gonna end!!
“There are now fewer homeowners in Brooklyn to divide by which means inventory is up.”
Actually the TOTAL OPPOSITE of what you say is true.
LOL. You are gettin pretty desperate to spread the doom and gloom aren’t ya?
Total lies, much?
“To The What:
Last call. I’d love to talk to you for a piece I’m writing for New York magazine about real-estate blogs and their commenters. We can talk on/off the record. I’m not so interested in your identity, just your opinions.”
Here is one opinion Adam, Go fuck yourself. I’m NOT interested!!! I’m not going to be misquoted. I bet you didn’t do any “research” into what I posted. I don’t need to voice my opinion, the upcoming crash will do that for me. The last time Adam go fuck off!
The What
Someday this war is gonna end…