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Foreclosure results for the five boroughs were mixed in August, according to numbers just released by Property Shark. Staten Island and Queens saw increases in both year-over-year and month-over-month numbers, while the Bronx, Manhattan and Brooklyn saw declines in both numbers. In Brooklyn, the number of new foreclosures dropped from 31 in August 2009 and 37 in July 2010 to just 20 last month. (Click through to the jump for a map of the Brooklyn properties in question.) The big question is whether the trend is your friend or this is just the calm before the pent-up storm.

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What's Your Take? Leave a Comment

  1. By slick on September 3, 2010 2:50 PM,

    Re 1., that’s correct on some level, except it fails to explain why banks were willing to offer mortages to such people–answer, CRA, and FANNIE and FREDDIE, aka REGULATION, not the lack thereof.

    Re 2., same answer: FANNIE and FREDDIE, aka Regulation, not lack thereof.

    Re 3. The ratings agnecies screwed up, but as you may know, there are only three such agencies due to…REGULATIONS. In a free-er, more competitive market, I suspect that moronic practices of these agencies would have been ferreted-out before a crisis.

    Re 4. Yes, true, but this is kind of linked to #3, supra.

    Re 5. This is not a distinct reason.

    In other words, not too little regulation, but too much. Or, the wrong regulations, but not too much.

  2. squaredrive- too right. It’s just so much fun to see them get all frazzled and then they start posting the most ridiculous nonsense. The more upset they get, the crazier they get. At some point I expect brooklyncouch to explode.

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