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July 18, 2007
Brooklyn Foreclosures Up Modestly in Second Quarter
According to a report released yesterday by Property Shark, the number of foreclosures rose from 129 to 147 between the first and second quarters of this year. Foreclosures were up in all five boroughs, though Queens remains by far the biggest problem area, representing half of all foreclosures in the city. The biggest percentage increase occured in the Bronx, where the number increased from 47 to 83. Overall, the rate of foreclosures per household in New York City was much more favorable than in Seattle, Los Angeles and Miami, the other three cities measured for the report.
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Comments
I am not sure if this accurately indicates the situation out there as the foreclosure process in NY ia a very very long and drwan out process sometimes taking as much as 6 months. During this time a seller in distress can get a forced sale or something like that. in other places of the country most notably Texas, the foreclosure process can take as little as 30 days from start to finish.
Posted by: anon at July 18, 2007 10:19 AM
The beginning of the end. RIP Real Estate.
Posted by: The What at July 18, 2007 10:31 AM
The beginning of the end. RIP Real Estate.
Posted by: The What at July 18, 2007 10:32 AM
I work for CurrentForeclosures.com, a foreclosures site and have seen a huge increase in the number of foreclosures in the past 7 months. I believe it is a combination of not only sub-prime and ARM mortgages, but also the high number of people who have gotten loans with interest rates at an all time low... in addition to the rapid depreciation in some areas and the difficulty some are experiencing in selling their homes.
Posted by: TSmith at July 18, 2007 10:48 AM
RIP stock market rally too. Probably crash in October like 1929 & 1987.
Posted by: Anonymous at July 18, 2007 12:33 PM
LOL, If I got a dollar every time someone said the market is dead in the last 6 years, I could by a Brownstone on a park block in the Slope.
Posted by: BayRidgeConvert at July 18, 2007 6:41 PM
I guess if I keep saying that the world is coming to an end, eventually another asteroid will hit the planet and I'll look like a psychic. The problem is, there will be nothing but deep sea vent tube worms and cockroaches around to tell me how right I was. Markets rise and fall, that's their nature. Get used to it.
Posted by: Patrice Mersault at July 18, 2007 9:22 PM
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