PropShark: Brooklyn Forcs Up 20% Last Month

they appear to be 40% lower than in february '06...am i wrong?

Posted by: guest at March 5, 2008 9:29 AM

check that...march '06

Posted by: guest at March 5, 2008 9:39 AM

Fringe
Fringe
Fringe

Posted by: guest at March 5, 2008 9:39 AM

This graph seems to be statistically insignificant. I mean what happened in '06 and again in may 07?

If you did a regression analysis on these data points it would show a decreasing trend in the number of foreclosures.

Overall, I think this data is just not a reliable indicator of anything.

Posted by: guest at March 5, 2008 9:43 AM

C'mon, this website is dedicated to dissecting the $3 million overpaying for brownstones in prime neighborhoods.

What does this post have to do with that?

Posted by: guest at March 5, 2008 9:47 AM

Queens is having a stroke.

Posted by: guest at March 5, 2008 9:59 AM

This is not a forward looking graph. This is reporting. So if you ran a regression, (which I don't know why you would unless you were trying to see if there were some sort of relationship to... who knows, how many folks will possibly find BK favorable) you'd find nothing of any significance. What would that R squared tell you?

This is a backwards looking graph. Merely telling you what has happened.

Posted by: guest at March 5, 2008 10:03 AM

Once again someone who knows nothing about statistics trying to justify why they overpaid for their brownstone and why their property values will only go up. Regression analysis of a simple timeline? Rubbish.

Posted by: guest at March 5, 2008 10:08 AM

This a new stealth form of mortgage redlining. For a primer read this.
http://en.wikipedia.org/wiki/Redlining

There is a bad thing coming. Wells Fargo and other lending institutions are using "Declining Markets" to deny loans to Minorities and "fringe" neighborhoods.

If your neighborhood has been determined a declining market the banks can legally deny you a loan. With all the information on the net a bank could go here http://www.census.gov/ find out the make up of your area and deny you that loan based on race. Plus if you zip code has been put on the Declining Markets list the values is going to drop real fast.

GOD help the asshats that brought Brownstones in minority and poor neighborhood you are going to get assraped with a 3 ft pipe. And when the ball gets rolling no one will be able to stop it.

The What (yeah flame on bitches)

Someday this war is going end...

Posted by: guest at March 5, 2008 10:10 AM

Come on The What, you are going to post here - these statistics are MEANINGLESS - 53 foreclosures - there are 2.5 MILLION people in Brooklyn....statistics like this make it look like we are in the greatest economic times in history.

Citibank is failing and you are trying to make hay from this???? - I am severely disappointed in you The What, I am begining to think you are simply a loony doom and gloomer with no real understanding of reality.

Posted by: guest at March 5, 2008 10:24 AM

Brooklyn's forclosures are DOWN from '06 !!!

Whats the big deal?

Posted by: guest at March 5, 2008 10:28 AM

it must suck to wake up every morning thinking that every property in your neighborhood is going to plummit and every one is going to be wiped out. I believe that this is delusional and border line mental.

People make money when the stock market is on its way up and some people make money when the sotcket market is on its way down. The same goes for real estate.

Times of turmoil are also times of gretest upside potential.

I guarantee you there are smart buyers in today's market snapping up deals that guys like The What would scream as foolish. In 5 years when the smart guys are sitting on millions The What will be saying "how did that guy ever make that kind of cash?"

I will tell you how he made that cash - he didnt listen to naysayers like The What.

Posted by: guest at March 5, 2008 10:47 AM

"Come on The What, you are going to post here - these statistics are MEANINGLESS "

Yep It's more than this. Plus Queens was a hotbed of Mortgage fraud.

"- 53 foreclosures - there are 2.5 MILLION people in Brooklyn....statistics like this make it look like we are in the greatest economic times in history."

To asshole like you.

"Citibank is failing and you are trying to make hay from this???? "

Who mention Citibank??!!

"I am severely disappointed in you The What, I am begining to think you are simply a loony doom and gloomer with no real understanding of reality."

Nope assfuck! You are a troll looking for a rise out of me.

The What

Someday this war is gonna end...

Posted by: guest at March 5, 2008 10:48 AM

The What--Redlining is illegal and has been since 1968 when the FHA did a 180 and abandoned their requirement that banks redline bad markets. Nothing in the wiki piece you cited said anything about a change. Is there something we're missing?

Posted by: guest at March 5, 2008 10:54 AM

"GOD help the asshats that brought Brownstones in minority and poor neighborhood you are going to get assraped with a 3 ft pipe. And when the ball gets rolling no one will be able to stop it."

The What, Does the ball roll down the pipe? I'm just curious because that can't be a good thing. You are correct in one aspect the What, if the ball starts rolling down the pipe you can't really get the ball back unless you turn the pipe in the opposite direction.

A couple of follow-up questions for you: 1. What is the diameter of said pipe? and 2. how far is it going in?

Posted by: guest at March 5, 2008 10:55 AM

"it must suck to wake up every morning thinking that every property in your neighborhood is going to plummit and every one is going to be wiped out. I believe that this is delusional and border line mental."

Nope asslick I have access to the Brooklyn MLS. I can see what sold and what on the market in real time. Guess what in marginal neighborhood 2 and 3 families are expiring with out a sale. This is telling Brokers that the worm has turned. Sales volume has fallen of a cliff and inventory has been growing at a alarming pace.

"People make money when the stock market is on its way up and some people make money when the sotcket market is on its way down. The same goes for real estate."

People get assraped when the stock market is on its way up and some people get assraped when the sotcket market is on its way down. The same goes for real estate people get assraped.

"I guarantee you there are smart buyers in today's market snapping up deals that guys like The What would scream as foolish. In 5 years when the smart guys are sitting on millions The What will be saying "how did that guy ever make that kind of cash?"

How are people getting access to capital??!! The credit markets are fucking frozen and banks are having a hard time to maintain capital requirements. In 5 years when the smart guys are sleeping on the sidewalks.

"I will tell you how he made that cash - he didnt listen to naysayers like The What."

I will tell you how he got assfucked - he didnt listen to naysayers like The What.

The What

Someday this war is gonna end...

BTW Come on muther fuckers. Keep it coming

Posted by: guest at March 5, 2008 10:58 AM

"The What--Redlining is illegal and has been since 1968 when the FHA did a 180 and abandoned their requirement that banks redline bad markets. Nothing in the wiki piece you cited said anything about a change. Is there something we're missing?"

Yep homeboy. Re-read my comment. Redlining is illegal but Declining Markets are not. You can deny someone for economic reasons and this thing is convenient for banks to get away with this shit.

When the turds hit the blades the banks are going to look for any excuse to DENY loans to people. You can take that to the bank.

The funny thing I find myself arguing with people that have a interest in housing related shit and they are watching their investment go down the fucking drain every day. Har de harr fucking har har.

The What

Someday this war is going end..

Posted by: guest at March 5, 2008 11:04 AM

Here is nice entertainment for you cornholos. A DEPRESSION is coming and you know it. I bet you will blame other people for your mistatkes LMMFAO. You are economic losers.

CNN Warns Americans A New Great Depression Is Coming

How The Iraq War Destroyed The US Economy

The American economy is propped up on faith and credit, and Wall Street is now in a short supply of both of these essentials. The video below from CNN Money contains the sort of talk that can start runs on banks to withdraw savings and shatter stock markets. That doesn't mean, however, these commentators are not telling the truth.

http://yournewreality.blogspot.com/2008/03/cnn-warns-americans-another-great.html

The What ( I love this shit. Give me more)

Someday this war is gonna end...

Posted by: guest at March 5, 2008 11:10 AM

that number is nothing at all. go look at the numbers in palm beach county, or Miami. I dont know any people here in Nyc that took out a subprime loan. No problem= smooth sailing.

Posted by: guest at March 5, 2008 11:16 AM

"I dont know any people here in Nyc that took out a subprime loan. No problem= smooth sailing."

You've got to either be joking or seriously stupid.

Posted by: guest at March 5, 2008 11:24 AM

"The funny thing I find myself arguing with people that have a interest in housing related shit and they are watching their investment go down the fucking drain every day. Har de harr fucking har har."

The What, you just had three posts in a row. Who are you arguing with, yourself?

3 posts about the state of housing with examples.

1 post attacking The What.

The What

Someday this war is gonna end...

Posted by: guest at March 5, 2008 11:26 AM

Morris (my comma key is stuck) The issue is affordability with housing. Housing will have to return to historic norms not this Mutant Real Estate Bubble we are having. Credit conditions will tighten and housing prices will fall but I worried that minorities will be effect by the falling impact of house prices. I agge that people need shelter but at what cost? I don't want our neighborhoods returning back to the 70's and the 80's. Those where hard times and with the current credit environment that a big possibility.

The What

Someday this war is gonna end...

Posted by: guest at March 5, 2008 11:59 AM

Except for hurting those who bought houses very recently, it would be *GREAT* if prices declined to what they were in the 70's and 80's. Without the astronomical interest rates that prevailed at the time of course. (Oh, I remember. Bought our first house in '82 from relatives for cash to avoid just that.)

For NYC to continue to be livable for the middle class, the prices *must* come down no matter who it hurts. I'm a homewoner myself and I love that on paper it's worth so much, but I worry about my kids and others starting out and their ability to live here.

Posted by: guest at March 5, 2008 12:09 PM

"But what are the alternatives for someone who is not rich, or liquid in their assets? Your average working Joe and Jane? Knowing about the Mutant Real Estate Bubble is one thing, but what can your average person do? All I can do is hold on to my home, pray my industry and livelihood doesn't disappear, and try really hard to not buy stupid stuff, and save as much as possible. That's all most of us can do."

Reduce your debt load ; ^ }. Oh by the way AMBAC stock has been suspended on the market. This will speed up the rapture! RIP Mutant Real Estate Bubble.

The What

BTW Morris I understand where you coming from. You take great pride in your neighborhood and your house. I think you will do fine because you don't look at your house a "investment". Be well Morris

Posted by: guest at March 5, 2008 12:20 PM

MM @ 11:43,

That's pure broker/NAR propaganda. This city is not growing significantly, if at all, and you don't need land to build. You can build up (think air rights) or convert. Dilapidated buildings and vacant lots are not as abundant but still plentiful.

Values will never appreciate from the highest level you will ever see in your lifetime. There is no such thing as "buying" at today's prevailing prices. You're only overpaying for a long term lease for the rights to renovate in exchange for taxes, fees, holding costs, depreciation and thus losses.

You don't need to overpay for a long term lease, sorry I mean't "buy", in order to put a roof over your head. The overconstruction of condos and the coming foreclosures (you gotta be retarded to find comfort in the above graph considering all other economic news out there, c'mon people) will provide plenty of cheap rentals for even poor families to live in. That's why people in other cities are "walking away" from their mortgages - there's an epidimic of sale-to-rental conversions dumped onto the rental market. If you don't think this will happen in NYC, you need to start counting cranes, permits, concrete trucks and "for sale" signs.

Your cluelessness (and anyone else's who agrees with his post) is alarming. But sense aint common nowadays.

Posted by: guest at March 5, 2008 12:23 PM

It's funny that we are not even out of the subprime mess, and people like The What are already complaining that lenders my not lend in "marginal areas".

Also, to The What and all the other doom and gloomers, until there is an actual signigicant drop in prime NYC real esate values, your "the crash is coming" posts seem a little silly.

I'm pretty optimistic about prime area real estate prices. That's not to say that I would be surprised at flat prices or a modest loss of value in the next year or two, but, lots of people still want to live in NYC, NYC is safer and clearner than it's ever been, and the recession will eventually end. If you are planning to live someplace for the next 3-5 years, I wouldn't hesistate to buy this year (although there wouldn't be any rush as I don't see prices going up this year).

Posted by: guest at March 5, 2008 12:54 PM

"historic norm" prices for real estate does not exisit in NYC. we purchased our 1st brownstone in PH for 30k.

I'm in it for the longrun and as long as they keep raising our metro card prices will always rise.

This nation including NYC aka the capital of the world was not built on fear just green backs.

If you're soft get lost!

Posted by: guest at March 5, 2008 12:54 PM

Both 12:54's,

My post @ 12:23 is longer than yours. I win.

Posted by: guest at March 5, 2008 1:02 PM

Oh damn! MM got me.

Posted by: guest at March 5, 2008 1:04 PM

"Oh, of course the city is growing - up and out. If you can't see that, it's not me drinking the koolaid. Those cranes, dumpsters and construction sites all over the city aren't art installations."

No Morris, That is a Mutant Real Estate Bubble at work. All the activity you see is a result of Malinvestment. Cheap money chasing the American Dream of greed. Now we will pay for our folly with a declining Real Estate market, High unemployment, Crashing tax base, Higher interest rates and Insolvent Banks.

Yep, this is going to fun and this won't play out in the 'short term', this pain will be felt for many years. Yep, I'm a nay-sayer.

The What

Someday this war is gonna end...

Posted by: guest at March 5, 2008 1:11 PM

"Any developer will want to recoup losses, and hopefully, make some money...the same holds - a landlord/owner will want to get as much in rent as the market will bear."

E101 does not just apply to the sales market. More Rental Inventory >> Less Demand >> Lower Rents. The market cares NOT whether you see ROI or not. I would say, however, that rental rate drops will not be as significant as sale price drops. Rents are only high now because people are wising up and waiting on the sidelines (renting) while sale-to-rental conversions and foreclosures have not yet peaked.

Posted by: guest at March 5, 2008 1:20 PM

Dow's about to crash. Hurry up and short.

Posted by: guest at March 5, 2008 1:40 PM

Bloomigdale is having a close out sale and everything 50 percent off....
hurry up and dont go! the sky is falling!

Oh Lawrd help me, help me!

The Como

someday I will grow nuts and my fears will end.

Posted by: guest at March 5, 2008 2:11 PM

hmmm i thought that stock market was going to crash today and all ibankers on Wall Street were going to get laid off.

Its 3 and non of that happend. Re price per sq ft is still over $1000/sq in mnahattan.

Sorry to disappoint you The What

Posted by: guest at March 5, 2008 2:59 PM

Yes, Morris, some "fringe" areas will always be fringe. Like Crown Heights. What a crime-ridden hellhole.

The What

Someday this war is gonna end...

Posted by: guest at March 5, 2008 3:20 PM

:Re price per sq ft is still over $1000/sq in mnahattan.:

I guess it would be in "mnahattan"

"Sorry to disappoint you The What"

Nope, Try to put the gun at your temple this time. That's where your brain is, not up your ass.

BTW Great pump and dump on that AMBAC shit. The big boys love sheep, Nice and tasty.

The What

Someday this war is gonna end..

Posted by: guest at March 5, 2008 3:21 PM

Hey The What, I am willing to bet you money any amount of your choice that there will be people who make millions in real estate over the next two years.

You willing to put your money where your mouth is?

Posted by: guest at March 5, 2008 3:27 PM

No fair, 3:27. That's a winning bet. Bankruptcy, RE and corporate attorneys will be PAID from all the mortgage fraud, SEC violation and foreclosure cases, etc., to come. Not millions, billions.

Posted by: guest at March 5, 2008 3:40 PM

I mean directly through buying and selling property. Property values increasing from purchase to sale

Posted by: guest at March 5, 2008 3:44 PM

crickets not a peep

The What will not put his money where his mouth is.

Loser.

Posted by: guest at March 5, 2008 4:06 PM

"Hey The What, I am willing to bet you money any amount of your choice that there will be people who make millions in real estate over the next two years.

You willing to put your money where your mouth is?"

Oh I'm sorry, I was making money. Now Assfuck, How much you have to lose??!! Let me know how much you want to put up. All cash money.

The What

Someday this war is gonna end..

Posted by: guest at March 5, 2008 7:22 PM

I am in for $10K - are you?

Posted by: guest at March 5, 2008 7:28 PM

"I am in for $10K - are you?"

Holla at your boy!!!!!

The What

Someday this war is gonna end...

BTW When I win I want my fucking money!!

Posted by: guest at March 5, 2008 7:32 PM

The tWhat is a renter.

He could have bought in Clinton Hill - where he currently resides - when he had the chance and was, supposedly, making money as a real estate agent in the hood. Unfortunately, his communication skills - which are legendary here - kept him from making many sales. So, he rents from his grandmother and rues the day he dropped out of high school.

Posted by: guest at March 5, 2008 8:47 PM

i am nervous - the dollar is crashing against every other currency in the world - 8 years into bush's presidency America has been devalued beyond his wildest dreams. the financial world are reaping the benefits of their access now. most of the investment banks are now technically insolvent. how some of you think that real estate can still go up is beyond common sense. a whole prop of the excess has been kicked out from underneath it with the demise of the undocumented mortgage market. think what you like about how people can afford these prices - you are all used to the lax lending practices of the last 5 years. times change. get ready for a chill wind. your potential buyer has just caught a cold.

Posted by: guest at March 5, 2008 10:58 PM