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April 3, 2008
First-Quarter Foreclosure Report: Modest Rise for Bklyn
In addition to quarterly sales data hitting this week, we also get a quarterly foreclosure report from Property Shark. On the bright side, the firm's New York City foreclosure numbers look like a teensy blip compared to L.A. and Miami: The warmer climes had 8,877 and 2,231 foreclosures scheduled in the first three months of this year, respectively, while NYC had 918 scheduled. Since we're talking about foreclosures, though, that's more or less where the good news ends. There were 140 foreclosures scheduled in Brooklyn last quarter, compared to 103 in Q4 2007; the first three months of '07 saw 129 scheduled foreclosures, so this quarter's numbers don't signify a huge year-to-year leap. The 11233 (Bed-Stuy and surrounding areas) and 11207 (East New York and surrounding areas) ZIPs topped the Brooklyn forcs charts. In all of New York City, there was a 66 percent rise in the number of foreclosures compared to this time last year, with the highest number by far recorded in Queens (508).
Foreclosure Reports [Property Shark]
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Comments
Modest? It looks over 200 more foreclosures than any previous quarter to me. I'd say that's pretty dire, in a modest kind of way.
Posted by: guest at April 3, 2008 9:18 AM
New York City foreclosure numbers look like a teensy blip compared to L.A. and Miami
Gabby, wipe the drool of your lip and put your helmet back on! The bus will be here in 5 minutes. And get away from that computer!
If anyone want real foreclosure information, get a subscription from http://www.nyforeclosures.com/. Don't use Property Shark!
The What
Someday this war is gonna end...
Posted by: guest at April 3, 2008 9:30 AM
As long at you take your haldol.
Go back to Jersey douchebag.
"Gabby, wipe the drool of your lip and put your helmet back on! The bus will be here in 5 minutes. And get away from that computer!"
Posted by: guest at April 3, 2008 9:35 AM
Foreclosure readings in NYC can be very misleading as it is much harder to foreclose in NYC than in other areas such as Miami and Texas. For example in Texas it takes 30 days for full foreclosure while in NYC it can take up to 6 mths by which time the mortgagee would be able to sell or come to some agreement with the bank.
Posted by: guest at April 3, 2008 9:38 AM
9:35, there's nowhere for The What (i.e., 45 year-old Caucasian real estate broker in Lodi) to go back to; he's already in Jersey!
Posted by: Biff Champion at April 3, 2008 9:39 AM
i'm a fan of the What
Posted by: guest at April 3, 2008 9:42 AM
Interesting point, 9:38. Very sad for the soon-to-be-former homeowners.
Posted by: guest at April 3, 2008 9:42 AM
9:38, that is certainly interesting and gives perspective to the NYC vs. other States' numbers, but the apples to apples comparison in NYC seems to indicate an increase that, as 9:18 said, looks a bit more than modest.
Posted by: Biff Champion at April 3, 2008 9:48 AM
So the impact of the issue raised by 9:38 is that if we appear to be lagging the rest of the country in the severity of the foreclosure problem, it could only be because our foreclosure process is more drawn out, yes? Meaning that there is much worse to come.
Posted by: guest at April 3, 2008 9:52 AM
i agree with 9:38's attidude and fact
"the mortgagee would be able to sell or come to some agreement with the bank".
Posted by: guest at April 3, 2008 10:01 AM
As the poster above suggested, many scheduled foreclosure auctions never happen. When they do in NYC, we usually have buyers. Or is anyone reading this actually seeing lots of REOs in NYC (that is, homes that the banks are buying back because no human soul wants them?). The worst bubble cities are flooded with REOs, but I'm not sensing many in NYC, even in the big foreclosure areas.
Do people here think we're going to have a vacant home problem? And if not, are we just discussing these stats because we're concerned about the over-indebted homeowners? Sure, short sales or foreclosure auctions will lower property values in the short term, but if the housing ends up occupied (instead of as a speculator's plaything) NYC will be OK.
Posted by: guest at April 3, 2008 10:03 AM
10:03 you are absolutely delusional, just like New Yorkers were back in the 80's.
"Those who do not learn from the past are doomed to repeat it."
Posted by: guest at April 3, 2008 10:19 AM
10:03, I agree. I think there continue to be demand in NYC and there will not be a vacant home problem. Prices may decline but homes sell here as long as people deem NYC a desirable place to live. And if housing prices continue to drop, I think some people will take advantage of the opportunity to upsize by selling and buying at the lower prices.
Posted by: Biff Champion at April 3, 2008 10:22 AM
Since NYC has roughly 8 million people, Los Angeles 3 million and Miami about 1 million, I'm not sure how comparing these three cities really makes much sense in these circumstances.
In those terms, NYC is faring ok.
One foreclosure sucks for sure, and it would be great to have zero, but in a city of this size, less than a 1000 foreclosures seems bad, but not unreasonable.
Didn't anyone else in the past 8 years say many times to themselves..."how in the world are all these people affording such expensive homes"
Well now we know...they can't.
Posted by: jerri blank at April 3, 2008 10:31 AM
Yes, a 66% increase compared to the first quarter of 2007 is a "modest" rise. Compared to the increase we'll see in the first quarter of 2009.
Posted by: guest at April 3, 2008 11:54 AM
does anyone have connections or experience buying foreclosed homes? I need a starting point...
Posted by: curijay at April 3, 2008 12:03 PM
i brought a hud home. go to hud.gov
Posted by: guest at April 3, 2008 1:38 PM
10:19 (this is 10:03 here): I said "if" the housing ends up occupied. I'm not at all sure it will end up occupied. Hence my question about whether (or not) we're actually seeing lots of REOs in New York. Or will see them.
Anyone on here bought an REO or even seen a listing for one so far in NYC? I'm genuinely curious. Without that information the numbers on foreclosure filings don't mean anything.
Posted by: guest at April 3, 2008 2:25 PM
10:03/2:25: You are too sane and logical for this site. Ignore 10:19 (and the What). They are not very smart.
Posted by: guest at April 3, 2008 3:16 PM
B, please bring back the orginal concept for the blog. Those who claim they are helping you "spice" things up are hurting you. Traffic is pretty low this week.
Posted by: guest at April 3, 2008 3:51 PM
Brownstoner bring back the HOTD follow up 6 mths later or this blog will die very quickly
Posted by: guest at April 3, 2008 4:15 PM
Bring back the Rentals of the week too!
Posted by: guest at April 3, 2008 4:44 PM
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