New Report Says Brooklyn Foreclosures Up 27%

Yes if I had signed a legally binding contract that turned out to be not so smart I would call my congressman for a bailout, why take personal responsibility for your own actions?

Posted by: guest at April 29, 2008 9:22 AM

It looks like Realty trac counts any property 'in the process'. Since it takes easily 18-24 months to go from the beginning to the end of the process in New York, Realkty Trac is likely counting the same properties that were in the process in prior reports, maybe multiple times.

Posted by: guest at April 29, 2008 9:32 AM

9:22 -- if you oppose the bailout -- go to angryrenter.com

Posted by: guest at April 29, 2008 9:43 AM

There should be no Bailouts. With that said, I do not know anyone in my area that has a ARM Mortgage or Subprime. I live in BOCOCA.

Posted by: guest at April 29, 2008 9:48 AM

9:22 you are correct. they are counting lis pendens filings, many of which are duplicate filings from prior time periods. Also, those numbers in the graphics are not "rates". Someone should be fired over how poorly written and fact-checked that post article is.

Posted by: guest at April 29, 2008 9:49 AM

Where is The What?

Posted by: guest at April 29, 2008 9:52 AM

This has no impact on the prime neighborhoods. Bad times in Southeast Queens though.

Posted by: guest at April 29, 2008 10:11 AM

What areas are southeast Queens?

Posted by: guest at April 29, 2008 10:13 AM

9:48 - you don't know anyone in that area with an ARM? Seriously? You don't know anyone who has admitted to an ARM or interest only loan. I can think of half a dozen off the top of my head. Not everyone buying $2m houses had a huge down payment and a solid income. I think the next wave of trouble is on its way. Grumblings of negative equity all over the hood, not to mention frozen HELOCs. It's a mess and it's not just Bed Stuy that's gonna see the fallout.

Posted by: guest at April 29, 2008 10:16 AM

yes 9:32 keep on telling yourself it will be ok and you did not overpay

this is getting good

isn't this supposed to be a happy time for real estate?

more like a silent spring

keep the faith bubble believers our day is coming to a hood near you soon

great news great news

Posted by: guest at April 29, 2008 10:27 AM

Just check on Trulia and see how many things come up as 'foreclosure'.

Granted, right now not too many appearing in Park Slope and such, but just wait until all the layoffs start really having an effect.

Posted by: guest at April 29, 2008 10:43 AM

But you people fail to realize, things go up and down all the time, big deal who cares. If you are a renter and are angry so what buy a House. But if you think this is the end of Real estate you are very wrong.

Posted by: guest at April 29, 2008 10:48 AM

I know a couple people who have been laid off and they've already landed new jobs.

Layoffs are not the end of the world, you realize.

Lots of these guys are able to get consulting jobs.

They may not be making a 400K a year anymore, but 250K is pretty easy. Hell, I work in the arts and am not even 35 and make that much. You people need to get out of your circle and realize how much money there is to be made in this city.

Most people I know who work on Wall Street have literally millions in savings.

You guys who like to hope for people to suffer are sickos.

Posted by: guest at April 29, 2008 10:48 AM

For that annoying guy around here (it seems to be one person because the posts are always similar) crowing on every thread how he/she feels so superior having bought in a "prime" area (i.e. Park Slope) and hoping everyone goes into ruin just to feel even better about it, that person is totally putting out their mind how much they overpaid during what all economists say was a huge Bubble. And now, not knowing what the job market holds in the next few years why would anyone feel so excited about having to make payments on a jumbo mortgage? This economic downturn will affect everybody. And believe it, 10:11, if the "fringe" neighborhoods of Brooklyn really did go down and "degentrify" as the hysterics claim then it would be very bad for the prime neighborhoods too. Who do you think you'd be riding the subways with to work and back home in Park Slope again? Uh, the "degentrified" residents of the "fringe" neighborhoods that's who. You'd share the park with them too. And it's not like you can build a private gate around Park Slope and not let anybody in who didn't live there. Ask somebody who was living in Manhattan in the 70's if they separated out the good neighborhoods of Brooklyn from the bad. They lumped all of Brooklyn together. A lot of upper income people wouldn't even live in Brooklyn Heights back then. Just get over it. Nothing is going to make you totally immune to a downturn, no matter where you bought. So try rooting for the entire Brooklyn team to pull together and do well during this crisis. Not just your own elitist neighborhood. You might find yourself a much happier person too.

Posted by: guest at April 29, 2008 10:53 AM

Maybe when the banks start trying to unload all the properties they foreclosed on, prices will drop enough that people with non-hedge fund incomes can afford to buy without taking out a 'financial crack' mortgage.

Potentially good news for people with modest incomes who chose to sit tight and rent rather than overextend themselves.

Posted by: guest at April 29, 2008 10:57 AM

"Ask somebody who was living in Manhattan in the 70's if they separated out the good neighborhoods of Brooklyn from the bad. They lumped all of Brooklyn together."

That is a completely false statement. The gentification of Park Slope, Carroll Gardens and even to a lesser extent, Prospect Heights, Clinton Hill, Ft. Greene were all seeing a huge influx of arts professionals and the like from Manhattan during the 70's.

You people who say that gentification of Brooklyn began in the 90's are IGNORANT.

Plain and simple.

Posted by: guest at April 29, 2008 11:11 AM

Gabby,

You wrote "RealtyTrac's data takes into account...".

Please note that the word "data" is the plural form of the word datum. It should therefore be "date TAKE...".

It drives me crazy how consistently people get this wrong.

Posted by: guest at April 29, 2008 11:14 AM

People the stats are worse than this. Some banks are NOT foreclosing because the don't want the drag on their balance sheets.

The high cost of food and energy is killing everyone. Regular is about 3.70 a Gallon and this put pressure on people to cut back. Restaurants are getting pounded because people are not eating out and getting laid off.

Remember I told you that major banks are insolvent and going around the world looking for capital? Very soon the will be a major bank failure. Wachovia, Citibank, UBS and tons of smaller banks are about done. A friend of mine was laid off recently. 23 years on the job and to make matters worse they laid off his whole department! He told me that the FED has been bailing out these clowns ofrthe last 4 years. With this backstop the banks have engage in this reckless lending again. Thats why housing prices are staying up here. They are loaning money to people who have not clue what they are getting in to.

If you want to read a good book on whats the fuck is going on check this one out.

The Naked Capitalist by W. Cleon Skousen

The What (Carry on my Wayward son)

Someday this war is gonna end...

Posted by: guest at April 29, 2008 11:14 AM

You are even more of an idiot than I ever though, The What.

Honestly your rants are so idiotic, it's not even funny.

There are PLENTY of people who still make decent money and can afford homes.

The people in trouble right now make up 1% of the U.S. population.

Stop spreading lies.

Posted by: guest at April 29, 2008 11:20 AM

1 in 241 in foreclosure process means a 0.4% rate. I know that's headed higher but compared with the really rotten parts of the real estate market (FL, S CA) it's nothing.

Posted by: guest at April 29, 2008 11:25 AM

Were you there, 11:11? My good friend is somebody who GREW UP IN PARK SLOPE DURING THE 70's. She says her parents friends thought they were crazy for buying a brownstone in a "ghetto". Yes the people buying brownstones were in the arts but they were so not rich. Hardly. It's why Park Slope attracted artists in the first place, because it was not expensive and they could get more studio space for less money. Which is you know, sort of the exact same reasons people are buying in the dreaded fringe areas now. Those working in the arts and academics don't usually have $3 million for a house.

Keep to your gloating and crowing and bragging if you want, though. Maybe you need that elitist feeling in addition to your prozac to feel good about yourself.

Posted by: guest at April 29, 2008 11:26 AM

"You are even more of an idiot than I ever though, The What."

You are responding to one so what that make you?

"Honestly your rants are so idiotic, it's not even funny."

The lets refute them without a ad hominem attack.

"There are PLENTY of people who still make decent money and can afford homes."

That overpays to become Homedebters. The rising of energy prices are hurting their bottom line.

"The people in trouble right now make up 1% of the U.S. population."

It's more than that, maybe you should leave NY for a while. travel to other parts of our great nation.

"Stop spreading lies."

Like the one about Ratner is taking the NETS to Newark NJ? Boy that was a whopper, huh.

Remember this.

All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident. - Arthur Schopenhauer

The What

Someday this war is gonna end...

Posted by: guest at April 29, 2008 11:28 AM

"Were you there, 11:11? My good friend is somebody who GREW UP IN PARK SLOPE DURING THE 70's."

Yes, I was here. And your point was that NO ONE in Manhattan thought Brooklyn was worthy. You said nothing about wealthy people or moderate income arts professionals. Your blanket statement was "Ask somebody who was living in Manhattan in the 70's if they separated out the good neighborhoods of Brooklyn from the bad. They lumped all of Brooklyn together."

And that simply is a lie.

MANY arts people in Manhattan considered these neighborhoods viable. Park Slope was a lovely neighborhood in the 70's. There were parts that were rough down by 6th and 5th Avenues, but many areas of it have always been quite lovely. That's why THOUSANDS of people bought homes there. Starting in the 60's actually.

Why are you all the sudden changing the subject and attacking people you know nothing about?

Sounds like you are the one who needs to see someone, my friend. I've never popped a pill in my life lady. Stop projecting and maybe go get laid this weekend. I think it will help you.

Posted by: guest at April 29, 2008 11:33 AM

WHO CARES ABOUT THE NETS???!!!

NO ONE WANTED THEM HERE IN THE FIRST PLACE!!!!!!

Posted by: guest at April 29, 2008 11:34 AM

when i started reading this Blog i tought The WHat was a nut( and I still do to a certain extent). But I have to say all you people in denial that Brookly nprices are in the process of a huge correction sound even crazier. I just went to that Natefinder website somebody posted with all of the reductions in Brooklyn and how long they have sat on the market. I really like Brooklyn a lot and I was considering the move over from Manhattan. I sold my place here in 2006 and I RENT. I will buy in an established area but not any time soon. Did you guys know that the rents are coming down in Manhattan and the inventory is growing rapidly? This blog is still in denial. And for all you people who think renting is so bad, I think you are about to learn that owning real estate in a downward market is not the best option.

Posted by: guest at April 29, 2008 11:38 AM

"It's more than that, maybe you should leave NY for a while. travel to other parts of our great nation."

Nope, it's actually .4% in NYC.

So that would be LESS than 1%. Wow you're stupid.

We don't live in Las Vegas. If you think NYC is like the rest of the U.S. you need to cross the river and come visit us a little more often.

I know things are really bad in Jersey right now, but come on. Up until the real estate crisis, everyone thought NYC was a total separate entity than the rest of the country and now all the sudden that it's tanking, we are JUST LIKE Vegas, Phoenix and Miami??

So stupid.

Posted by: guest at April 29, 2008 11:38 AM

I'm married and happy, 11:33, sorry.

Say whatever you want but people who need to compete constantly and always feel better than everyone else are not happy people. Truly happy people don't have anything to prove to anybody.

As for what people in Manhattan thought of Brooklyn in the 70's, sure, fellow artists thought of Park Slope as viable. Not gentrifying millionaires. Not the people buying houses in Park Slope now. I remember visiting NYC in the early 90's and even then upper income people never thought about buying in Brooklyn. Brooklyn rose up all together as a borough. Not in bits and pieces. Some areas are better and will always be better. But the improvement in those areas would NEVER have happened without ALL of Brooklyn improving. That's always been my topic. Never changed the subject.

Posted by: guest at April 29, 2008 11:43 AM

Rents are coming down??? Wow.

So you mean I can now get a 1 bedroom in the West Village for $3000 instead of $3030??

(yes, that was the decrease).

Sorry, I don't feel like throwing $36,000 a year for the rest of my life down a toilet.

And by toilet, I mean into my pocket!!!!

BTW, the vacancy rate in Manhattan is 1%.

Up from less than 1%. Sounds like the end of the world!!!!!

Posted by: guest at April 29, 2008 11:44 AM

I just bought a house in Park Slope and am not a millionare, per se. I just happened to buy a place on the UWS for 250K and sell it for 2 million. Lots of people like me here in Park Slope. And yes, I work in the arts, as does nearly every person on my block. I believe the latest study I saw said that PS has the highest concentration of arts professionals in the city, in fact. 11:43...you have a very narrow minded view of the world.

Posted by: guest at April 29, 2008 11:48 AM

OMG, what is wrong you with you, all I'm saying is Park Slope was able to improve so much because ALL of Brooklyn improved, and none of you Slopers will even consider that concept.

SO elitist.

By the way, if you own a house worth 2 million that you paid for using the sale of an asset, you are a millionaire. You count assets not just income.

Goodbye silly stupid people. I have work to do!

Posted by: guest at April 29, 2008 11:52 AM

that's why i said, per se. i don't make a ton, i just happened to be lucky on a home purchase. i find that different than the people you are describing...those who make 500K a year as the only people buying in park slope. i make a very modest salary but bought my home in cash. and home worth is paper wealth. you have a bad temper. and are clearly not happy.

Posted by: guest at April 29, 2008 11:57 AM

arts professional = oxymoron

Posted by: guest at April 29, 2008 11:59 AM

11:48 - based on your post, perhaps you should have stated artists OVER 45.

Posted by: guest at April 29, 2008 12:08 PM

11:44 This is the start of the peak season and they are not filling up the apts. Rents are off about 7 percent from this time last year. The banks and law firms are not hiring as many people as they were but they have built the supply and huge rental dev. are coming online over the next year. What do you think is going to happen after sep when the peak season is done? Inventories for sale are ramping up as well. Manhattan is almost at 7000 units. Did you know that? So my question to you is what planet aare you on?

Posted by: guest at April 29, 2008 12:10 PM

"11:48 - based on your post, perhaps you should have stated artists OVER 45."

Huh? I'm not yet 40.

Posted by: guest at April 29, 2008 12:13 PM

"What do you think is going to happen after sep when the peak season is done"

I think that what happens every ten years or so will happen, just like it always does.

The economy does up and it goes down. Your suggestion that this is the end of the world is absurd, short-sighted and asinine.

Did YOU know that at one time, the inventory in NYC was around 100,000??

So here is my question for you...how long have you lived in NYC? 6 months? a year???

Posted by: guest at April 29, 2008 12:16 PM

To The What:

Last call. I'd love to talk to you for a piece I'm writing for New York magazine about real-estate blogs and their commenters. We can talk on/off the record. I'm not so interested in your identity, just your opinions.

Please contact me at:

adam (dot) sternbergh (at) nymag (dot) com

To other posters here: I put out a general call awhile back in the forum and got a good response, but if you'd like to chime in, please also contact me at the email address above. Put Brownstoner in the comment line.

Thanks,
Adam Sternbergh

Posted by: guest at April 29, 2008 12:20 PM

(If this is a duplicate post, I apologize in advance.) So, if I may put in my two cents...I grew up in CG (since the 1950s), and I can tell you that during the 60s and 70s, most people in what we now call Brownstone Brooklyn were fleeing for Staten Island and Long Island. Brooklyn was looked down upon in no uncertain terms. When my parents bought in 1975, CG, of all places, was RED-LINED....can you believe it? They almost didn't get a mortgage for that reason. So the above posters are correct. It was the hard work and determination of those who STAYED that resulted in what Brooklyn is now, for better or for worse, depending on your point of view.

Posted by: guest at April 29, 2008 12:22 PM

Which is exactly why I give extra credit to those people who stayed and came to these neighborhoods to make them what they are today.

Remember that next time you talk shit about someone from Park Slope. Lots of folks there are partially responsible for your brownstone being worth 2 million dollars today.

Many, may folks worked hard to make these neighborhoods better. It wasn't just a fluke.

The new residents seem very unaware or unappreciative of the past.

Posted by: guest at April 29, 2008 12:25 PM

11.52 you used "OMG". Accordingly, your claim that you have to work is untenable, you are clearly a 16 yr old girl.

Posted by: guest at April 29, 2008 12:29 PM

by work, i think she meant text all her teeny bopper friends to tell them to all meet up at olive garden for dinner.

Posted by: guest at April 29, 2008 12:33 PM

"we probably haven't reached the bottom yet"

Grammatically, that would be top.

Posted by: guest at April 29, 2008 1:42 PM

"They call because they don't know what to do"

Oh yes they do.

"It's called the WALK, the WALK, just let yo' body talk..." - Morris Day and the Time

Posted by: guest at April 29, 2008 1:45 PM

"I work in the arts and am not even 35..."

OMG, nothing but reruns on this channel.

Kthxbye.

Posted by: guest at April 29, 2008 1:52 PM

"Yes if I had signed a legally binding contract that turned out to be not so smart I would call my congressman for a bailout, why take personal responsibility for your own actions?"

Because the lender and broker told me RE only goes up and that I could refinance my way out. It would be very inconvenient for me to take responsibility.

Besides, even if I was way ahead in equity I would have still called my congressman and gave back all my gains the minute I learned of the bad loan. I am a very ethical borrower.

Posted by: guest at April 29, 2008 2:09 PM

"9:22 -- if you oppose the bailout -- go to angryrenter.com"

9:43 -- if you support the bailout -- go to underwater.com.

Bloop, bloop, bloop...

Posted by: guest at April 29, 2008 2:12 PM

"Someone should be fired over how poorly written and fact-checked that post article is."

Absolutely. This does not in any way support our soft landing prediction.

Posted by: guest at April 29, 2008 2:16 PM

Anyone who uses the phrase "omg" is immediately discredited in my mind.

Posted by: guest at April 29, 2008 2:18 PM

OMG, 2:18 is my new BFF!

Posted by: guest at April 29, 2008 2:25 PM

"if it's double last year's rate, why is the increase not 100% as opposed to the 26.6% shown on the map?"

Ahhhh, good question, 'Native. There are now fewer homeowners in Brooklyn to divide by which means inventory is up. The smart money has snuck out.

Posted by: guest at April 29, 2008 2:25 PM

"To The What:

Last call. I'd love to talk to you for a piece I'm writing for New York magazine about real-estate blogs and their commenters. We can talk on/off the record. I'm not so interested in your identity, just your opinions."

Here is one opinion Adam, Go fuck yourself. I'm NOT interested!!! I'm not going to be misquoted. I bet you didn't do any "research" into what I posted. I don't need to voice my opinion, the upcoming crash will do that for me. The last time Adam go fuck off!

The What

Someday this war is gonna end...

Posted by: guest at April 29, 2008 2:49 PM

"To The What:

Last call. I'd love to talk to you for a piece I'm writing for New York magazine about real-estate blogs and their commenters. We can talk on/off the record. I'm not so interested in your identity, just your opinions."

Here is one opinion Adam, Go fuck yourself. I'm NOT interested!!! I'm not going to be misquoted. I bet you didn't do any "research" into what I posted. I don't need to voice my opinion, the upcoming crash will do that for me. The last time Adam go fuck off!

The What

Someday this war is gonna end...

Posted by: guest at April 29, 2008 2:50 PM

"There are now fewer homeowners in Brooklyn to divide by which means inventory is up."

Actually the TOTAL OPPOSITE of what you say is true.

LOL. You are gettin pretty desperate to spread the doom and gloom aren't ya?

Total lies, much?

Posted by: guest at April 29, 2008 2:50 PM

"Here is one opinion Adam, Go fuck yourself."

I get the feeling he doesn't want to talk to you, Adam. Maybe it's me.

Posted by: guest at April 29, 2008 3:09 PM

Please folks, stay in Manhattan. Trust me, Brooklyn sucks. You don't want to live here like I have all my life. Leave it to us troglodites and you can all keep your shiny chity. Keep our tax dollars and stay out of my borough!

Posted by: guest at April 29, 2008 3:25 PM

Funny, 11:14, the misuse of data is/are bugged me, too. Wasn't going to say anything, but since you mentioned it...

Posted by: guest at April 29, 2008 5:50 PM

i'm in your blog correcting ur grammar.

Posted by: guest at April 29, 2008 8:52 PM

[ "if it's double last year's rate, why is the increase not 100% as opposed to the 26.6% shown on the map?"

Ahhhh, good question, 'Native. There are now fewer homeowners in Brooklyn to divide by which means inventory is up. The smart money has snuck out. ]

The way I took it - they're trying to make it sound worse. Double the "rate" of 26.6% to me means that last years rate was 13.3%. The also add 1 in 241 which sounds bad, but in perspective, it means less than 1/2 percent.

All of this data doesn't paint a great picture and possibly shows the beginning of a decline - but not yet the end of the world. We'll see how the rest of the year and post election economy goes.

Posted by: guest at April 29, 2008 9:12 PM

"Anyone who uses the phrase "omg" is immediately discredited in my mind. "

Which you said 5 times. If that is your one and only retort then I officially won the argument.

Posted by: guest at April 30, 2008 3:23 PM