Brooklyn, Queens Jonesing Hardest on Foreclosure Front

This news is great for first time buyers. I hope the prices decline will be dramatic.

Posted by: guest at September 18, 2007 9:58 AM

You know who really fueled this sub prime business, it's not the couple making a combine 60k and wanting to buy a 400K house, it's the greedy over 100K brownstone lover wanting a million dollar home....

Yes I had to say it twice....

Posted by: guest at September 18, 2007 10:16 AM

"This news is great for first time buyers. I hope the prices decline will be dramatic."

Absolutely. Purge all speculators. Shake out the excess. It's time to own homes like they're supposed to be owned - long term or not at all.

Posted by: guest at September 18, 2007 10:30 AM

"You know who really fueled this sub prime business, it's not the couple making a combine 60k and wanting to buy a 400K house, it's the greedy over 100K brownstone lover wanting a million dollar home...."

What? Where does greed enter into this? Imprudent, maybe. But the idea that paying (or asking) more than a certain price is immoral is ridiculous.

What do you want people to say? "Yes, I could buy this house for a million and a half dollars. But what f the greater goood? What of the other buyers? 'Twould not be in the spirit of community! Nay, until all men can affford such a house, 'tis a humble rental for me!"

Posted by: guest at September 18, 2007 10:49 AM

10:49, the point is that if you're getting foreclosed on, you can't afford the house, either. You're the one equating greed with immorality, not 10:16. He's just saying what's obviously true: greed led people to be willing to pay absurd prices for Brooklyn real estate.

Posted by: guest at September 18, 2007 12:39 PM

Can anyone disaggregate the numbers? I've read that as many as half the foreclosures nationwide are on properties that are NOT owner-occupied. That would mean speculators are walking away from a failed investment.

Posted by: guest at September 18, 2007 12:56 PM

I'm kind of thinking that the percentage of sub-prime mortgage defaults for those making $100K + is close to 0.

Posted by: guest at September 18, 2007 2:25 PM

its happening in the boon docks folks, places you folks probably would never visit unless lost or a social worker. especially in brooklyn.

Posted by: guest at September 18, 2007 5:10 PM