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November 5, 2008
Foreclosures up in NYC: Queens, Bushwick Hurting
Back to the economic and housing industry reality for a moment. New York City had 50 percent more foreclosures this year than last, according to data from Property Shark. Some 336 homes were foreclosed upon, 211 of them in Queens. One of the 15 zip codes with the most foreclosures was in Brooklyn: 11221, which they count as Bushwick. The news wasn't all bad, though. The foreclosure rate actually fell 15 percent from September throughout the city, and 16 percent in Brooklyn.
New York City Foreclosures Soar [Crain's NY]
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Comments
what's the lag time on foreclosures? why aren't we seeing a big spike already? weird.
Posted by: Whoops Johnny at November 5, 2008 10:41 AM
"what's the lag time on foreclosures? why aren't we seeing a big spike already? weird."
All of the "Foreclosure Rescue" programs going on.
The What
Someday this war is gonna end..
Posted by: Return of The What at November 5, 2008 11:06 AM
Glad someone is covering this issue. We have seen a spike: Foreclosures are up 50 percent, the article says. Also, while the article is optimistic that there won't be a lot more, I doubt that's true, at least in Bushwick and Bed Stuy. Place is littered with short sales. If no one buys them, they'll turn into foreclosures, evictions, boarded-up buildings.
We're in an interesting moment right now. There are a lot of people living rent and mortgage free in Bushwick right now and the bank hasn't kicked them out yet, nor is it in their interest to do so.
I haven't heard of a single person actually involved in any "foreclosure rescue" programs -- have you?
Comps are going down like crazy.
What do you think will become of these neighborhoods in a year or five or ten?
Posted by: mopar at November 5, 2008 2:00 PM
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