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June 3, 2009

Foreclosures in Brooklyn Up Slightly But Still Low

The number of foreclosures in Brooklyn ticked up slightly in May, according to PropertyShark.com, a trend exhibited in Queens but not the other three boroughs. The 21 foreclosures in Brooklyn last month was the highest number since November though well below the monthly average for 2008. Meanwhile Queens continued to dominate the city's foreclosure scene with a total of 201; May also marked the first time that the top 15 zip codes for foreclosures were all in Queens. Brooklyn's per household foreclosure rate remains a low 0.002% as compared to 0.001% for Manhattan, 0.004% for the Bronx and 0.017% for Queens.

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0.002%....Let's see Team Bear take that and run with it.

Posted by: daveinbedstuy at June 3, 2009 9:04 AM

I think response will be wait 5 months and sky falls in.
Kinda reminds me of the certain religious groups always predicting armegeddon - than postponing date when doesn't happen. again.

Posted by: Petebklyn at June 3, 2009 9:17 AM

drip drip drip.......... still drip drip

it aint falling off the cliff but it aint "buy now else you'll regret it" but rather "wait on the sidelines till it stops dripping"

I'm on Chicken's team - Team Realistic

Posted by: more4less at June 3, 2009 9:25 AM

Heavens, I'm stocking up on can goods, duct tape and tv guides!

Posted by: DeLepp at June 3, 2009 9:26 AM

"Team Realistic"--Is that Chicken's team? Sounds like my team, Team Reasonable. The sky is not falling, but neither are the green shoots proliferating. As always the truth lies somewhere in the middle in reasonable terrainl.

Posted by: wasder at June 3, 2009 9:33 AM

DeLepp...June 12 is right around the corner!!!!!!!!!!! ARE YOU READY?????

Posted by: daveinbedstuy at June 3, 2009 9:35 AM

Yes, the mexican has some big ears so my reception should be crystal clear.

Posted by: DeLepp at June 3, 2009 9:41 AM

The auction trend is useless. Everybody knows the true foreclosure process in NYC is notoriously pro-tenant and slow.

What's the trend for pre-foreclosures, the more superior barometer of shadow inventory? This the courts can't touch.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 3, 2009 9:56 AM

Why don't you find that data and show it to us to support your thesis, BHO.

Posted by: daveinbedstuy at June 3, 2009 10:00 AM

The market is in freefall, DIBS. The burden is on Team Bullwinkle. Hey, maybe the numbers are in your favor.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 3, 2009 10:05 AM

Typical response from you, BHO. Lazy Ignorant Jackass.

Posted by: daveinbedstuy at June 3, 2009 10:10 AM

"Foreclosures in Brooklyn Up Slightly But Still Low"

The spin is making me dizzy...

The What (Don't worry)

Someday this war is gonna end...

Posted by: Return of The What at June 3, 2009 10:11 AM

"Lazy Ignorant Jackass."

Oh! The numbers are not in your favor.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 3, 2009 10:29 AM

Forgive what may be an ignorant question - why the variance between Queens and other boroughs? Correlated to average income?

Posted by: Johnny at June 3, 2009 10:36 AM

"On a state-by-state basis, Nevada had one in every 68 households receive a foreclosure filing, down 18 percent from March but still the nation's highest rate. In Florida, one in every 135 households received a filing in April. For California, the rate was one in every 138 households." Detroit News, May 13.

What's Brooklyn's ratio of foreclosure filings, BHO/ROTW? Seriously, not picking a fight. Just want to see comparative data.

Posted by: slopefarm at June 3, 2009 10:42 AM

"What's Brooklyn's ratio of foreclosure filings, BHO/ROTW? Seriously, not picking a fight. Just want to see comparative data."

Look Retards you know Housing is FUBAR! Why are we hashing old bullshit??!!!! Team Bullshit is grasping at straws and If you believe everything is fine then continue to pay for your underwater property or buy some poorly built New Construction. Have fun Jackasses!

The What

Someday this war is gonna end...

Posted by: Return of The What at June 3, 2009 10:51 AM

blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah,blah

Posted by: daveinbedstuy at June 3, 2009 10:54 AM

DIBS,

We lawyers have a saying: "Argue the facts. If you don't have the facts, argue the law. If you don't have the law, argue the policy." BHO/What needs a better roadmap than he's using now of what to argue when he doesn't have the facts at hand. There is room for data driven discussion and opinion on all sides, given the many indicators and driections they are pointing. But you are right, the above exchange on foreclosure data wasn't a discussion and prolonging it seems pointless.

I made some overtures to what shortly after the last gathering, at least to reassure him that it is not personal with me, just a chance to debate and banter. This was following a discussion I had with Biff and cobble that it was a good thing that they and what have established some kind of rapport, and it was worth it for more of us to try. But I still seem to get my head bitten off just for disagreeing and challenging for back-up, even though I haven't made it personal. I don't call what names (except when I call him BHO) or engage in ad hominems. I might continute to try to banter with what on the OT when he's more jocular, but I think meaningful debate on economic data is pointless. I care too much about reading data closely and sticking to a logical framework. But hey, that's just me. I'm going to try to take the bait less than I used to.

Posted by: slopefarm at June 3, 2009 12:03 PM

slope...I enjoy banter, discourse, arguing and even worse with the What. BHO is just a troll.

Posted by: daveinbedstuy at June 3, 2009 12:08 PM

I ignore the facts and apply foreclosure rates from another borough, city or state to Brooklyn. It is the only way I can support my assumptions.

I ignore the fact that foreclosures in this city affect Black people more than the Asshats (read: white people with a lower case "w" since I am a racist). I wish the houses I sold them during the bubble years didn't destroy their financial well being, credit ratings and hopes for a secure future. Luckily, I feel no remorse. I have no feelings except rage at those who don't listen to and agree with me.

Posted by: ghettoazzpnkbtch at June 3, 2009 12:18 PM

Slopefarm day after day, time after time I post stories from Main Stream media and still everyone is so incredulous! We are in worst economic times since the Great Depression! Runaway Government Spending, Insolvent Banking Institutions, Collapsing House prices, High Unemployment and lost of spending power. Do I need to go on and on???? You want facts and figure but there is so much obfuscation going on I think we live in "1984"!!!

It's real nice after the biggest stock market crash ('08) now everyone needs "Data" for the bears to make their point!

Now pay attention-- June 09 will be the last month of Bullshit for a long time! July 2nd quarter reports are going to bad. The MBS and CMBS Markets is going to blow up and investors will require high interest rates for risk! Citibank, Wells Fargo or Bank of America will have a aneurism, they can't hide the losses no more and then the fall comes....

The What (Carry on!)

Someday this war is gonna end...

Posted by: Return of The What at June 3, 2009 12:18 PM

Lets see, the bubble took over 5 years to fill up and pop, and after only a fews months to the nyc downside Dibs is claiming victory. I love this guy! How dumb can you get? LOL, wait, I keep forgetting he bought at the top of the bubble in the ghetto.

Posted by: cornerbodega at June 3, 2009 12:46 PM

What,

Thanks for the post and I appreciate the tone. You cut and past some articles with some data on some topics and others post other data. Your view seems to be that the economy is going to hell in a handbasket, never to return, and Brooklyn RE is permanently tanking along with it. Others disagree. I tend not to opine directly on the economy, but I do like data. My beef with you, and it isn't personal, is that when there is data going the other way, you tend not to engage directly with it with a reasoned interpretation supporting your view, or different data. You just go nuclear with the argument.

Today is an excellent example. Based on the data posted today, foreclosures in Brooklyn are quite low and relatively flatlined. That would seem to suggest that, in the foreclosure realm, Brooklyn is holding its own and not tanking. If your answer is, well, I've posted other data on the economy and we are all going to hell in a handbasket so it doesn't matter, you may be right or wrong but it is not a logical discussion with which anyone can engage. I find it frustrating to engage in an econ discussion with you because I find I am looking for back-up on specific points, but you always go kind of nuclear. I don't necessarily agree with DIBS on the economy as opposed to some of ther bears. But when DIBS posts data, he usually accompanies it with a close read and logical interpretation. I would love it if you got in there, mixed it up, and took a close look at data, including data that would seem counter to your view. Then we could have an interesting discussion. But you seem to want capitulation to your view and everyone who doesn't is an asshat/retard. That's a pointless discussion in my view.

Posted by: slopefarm at June 3, 2009 1:07 PM

Well said Slopefarm. What is amusing at times and like usual scam artists throws around the odd fact here of there in a vain attempt to prove authenticity.

DIBS - keep up the good work on keeping these bears in the real world. Long term tax advantaged real estate investing is a winner in NYC. If others wish to ignore that then so be it.

As for financials having a weak 2nd qtr that's very much mistaken. You are going to see some stellar numbers, some will be even better than Q1. Why ? Bid offers are still wide across almost every asset class and there are fewer players on the street. Just look at the equity issuance the past few weeks.

Posted by: 10thStreetReno at June 3, 2009 1:31 PM

"s that when there is data going the other way, you tend not to engage directly with it with a reasoned interpretation supporting your view, or different data."

I live in Asshat Hill Slopefarm. I see empty Condo developments! I walk from my house to Bed Stuy (The area where the funeral for the slain Cop was, I counted 15 store fronts for rent! I saw no Gentrification active in the area and it look like nothing has changed. I don't need "data" when I have reality to look at. Most of my friends and family has lost or will lose their jobs. This whole thing is a Hi-Jack job by the Kleptocracy and the sheeple is will participants in their own demise.

"Today is an excellent example. Based on the data posted today, foreclosures in Brooklyn are quite low and relatively flatlined. That would seem to suggest that, in the foreclosure realm, Brooklyn is holding its own and not tanking."

Remember the moratorium on foreclosures by Obama??? Well since the "programs" only help a few the Banks are now going into high gear on foreclosures again!!! Wait until this fall and the numbers are going to ramp very hard. You are in the eye of the storm but there are many hurricanes just out on the coast! Our Banking system is still insolvent and until you write off the bad loans things will be the same.

"But you seem to want capitulation to your view and everyone who doesn't is an asshat/retard. "

Read this and get back to me!

Austrian School

http://en.wikipedia.org/wiki/Austrian_School

The Austrian School (also known as the “Vienna School” or the “Psychological School”) is a heterodox school of economics[1][2] that emphasizes the spontaneous organizing power of the price mechanism. It holds that the complexity of subjective human choices makes mathematical modelling of the evolving market extremely difficult (or "undecideable") and advocates a laissez faire approach to the economy. Austrian School economists advocate the enforcement of voluntary contractual agreements between economic agents, but otherwise caution against the imposition of coercive force (especially coercion by government fiat) on commercial transactions.

The What

Someday this war is gonna end...

Posted by: Return of The What at June 3, 2009 1:41 PM

did the what make up a new word: "sheeple"?

I love it actually.

Posted by: slick at June 3, 2009 1:50 PM

Slopefarm look at the psychology.

"What is amusing at times and like usual scam artists throws around the odd fact here of there in a vain attempt to prove authenticity."

Behavioral economics

http://en.wikipedia.org/wiki/Behavioral_economics

Behavioral economics and behavioral finance are closely related fields that have evolved to be a separate branch of economic and financial analysis which applies scientific research on human and social, cognitive and emotional factors to better understand economic decisions by consumers, borrowers, investors, and how they affect market prices, returns and the allocation of resources.

The field is primarily concerned with the bounds of rationality (selfishness, self-control) of economic agents. Behavioral models typically integrate insights from psychology with neo-classical economic theory. Behavioral Finance has become the theoretical basis for technical analysis. [1]

Behavioral analysts are mostly concerned with the effects of market decisions, but also those of public choice, another source of economic decisions with some similar biases towards promoting self-interest.

The Kleptocracy knows this very well and can shape opinions about asset prices but the benefit goes to the Big Boys and not the suckers!

Kleptocracy

http://en.wikipedia.org/wiki/Kleptocracy

Kleptocracy: Sometimes cleptocracy, occasionally kleptarchy, is a term applied to a government that extends the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats) at the expense of the population, sometimes without even the pretense of honest service. The term derives from the Greek root klepto (theft).

The What (Class dismissed)

Someday this war is gonna end...

Posted by: Return of The What at June 3, 2009 1:53 PM

Just passing through...What, you know...the war will not end any time soon. One of the greatest flimflams of the kleptocrats has been to foster the illusion among all classes beneath them that they too will amass unearned wealth on their level. Basic psychology, pandering to people's aspirations, who in turn despise people lower on the totem poll then themselves. What they've missed is that real wages have not just stagnated, they regressed during the boom, adjusted for inflation. That's why easy credit was so critical. "Hallucinated wealth."

Posted by: bridges at June 3, 2009 2:29 PM

What,

I once edited a lengthy academic article dealing with Austrian School economics. Not a new topic for me. Creative destruction and all that. I'm not buying a bear view or a bull view based on anyone's theory. I'm more interested in data points and what they tell us. And there are multiple arenas to discuss. For example, if we are discussing local RE, discussions of national trends in unemployment might have some, but not near total, bearing on topic. So, if we are discussing local RE, I am most interested in what foreclosures, comps, local C-S etc. are telling us. If we are discussing national economy, stock market has more direct bearing (indirect bearing on local RE to the effect market trends will affect RE demand). What I find difficult with you is you give equal weight to anything supporting your view, no matter how directly or not it may bear on the topic at hand, and you tend to ignore, rather than wrestle with, data that contradict your view (and you change the subject a lot).

My view, which is different than yours, is that there are many moving parts and they do not move all in teh same direction or at the same time. If all indicators were in a sustained lengthy free fall together, I might come around to your view. It just doesn't look that way now. My best guess is, some sustained pain in employment and national housing/foreclosures, and some signs of a slow and modest turnaround down the road. But I don't profess to have any special knowledge or insight. I think part of DIBS's view is that there are opportunities in all this and you miss them at your peril.

Mostly, I am more like wasder, enjoying my home with my family, not worried about foreclosure, but worried about how hard the downturn has been for some and how long it will last.

Posted by: slopefarm at June 3, 2009 2:31 PM

What does the Brooklyn lis pendens graph look like over the same time period? I'm not paying property shark $200 or whatever it is. Anyone? Brownstoner?

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 3, 2009 4:36 PM

Now you're talking, BHO. That's the right question. Of course, not all lis pendens are foreclosures. Also covers many types of title disputes. But lis pendens trends over time would be a decent rough guide, I imagine. Would tell you if there is a likely spike down the road.

P.S. I don't know the answer, but would be curious.

Posted by: slopefarm at June 3, 2009 4:58 PM

Sheeple = hoary cliche used to explain why everybody is doing the opposite of what the speaker says they should.

Posted by: mopar at June 3, 2009 4:58 PM

I'm on Chicken's team - Team Realistic

Posted by: more4less at June 3, 2009 9:25 AM

Posted by: wasder at June 3, 2009 9:33 AM

Somewhere along the way I got my own team?! I'd already signed up to Mopar's Team as it's the ultimate winning team.

I mean, how are you going to go up against Team Reasonable? Team Obstinate? Team Unaccommodating? Team Difficult? See? You just can't!

Posted by: the chicken at June 3, 2009 5:50 PM

The chicken--that's the genius of Team Reasonable!

Posted by: wasder at June 3, 2009 6:55 PM

Team Bear takes a big greasy Grizzly dump pie to the face........

Brahhhhhhhaaaaaaaaaaaaaaaaaaaaaa.

Someday this bore is gonna end.

Posted by: Legion at June 3, 2009 8:40 PM

"One of the greatest flimflams of the kleptocrats has been to foster the illusion among all classes beneath them that they too will amass unearned wealth on their level. "

Very true Bridges, very true... The sad thing is this statement went over everyone's head.

"What I find difficult with you is you give equal weight to anything supporting your view, no matter how directly or not it may bear on the topic at hand, and you tend to ignore, rather than wrestle with, data that contradict your view (and you change the subject a lot)."

You find it difficult with me because I'm not listing to utter garbage put out by people with a vested interest in Mutant Asset Bubbles! Everybody on Brownstoner has a agenda to keep Asset prices up and don't want the truth to get out! Look how many Corporations that has imploded and the credit rating of the Unites States of America is being question??? Are you serious to type some fucking nonsense like this???

"data that contradict your view (and you change the subject a lot)."

Data from where??? The office of "Write Speak"??? I tell you what Slopefarm, I'll stay on my side of the augment and you stay over there! Agreed??!!!

This period in history will be someone's dissertation...

The What

Someday this war is gonna end...

Posted by: Return of The What at June 3, 2009 10:04 PM

"I'd already signed up to Mopar's Team as it's the ultimate winning team."

I have a team?! And Chicken is on it? AWESOME! You have made my day, Chicken. Thank you!!!!!!!!!!!!!!!!!!!!

Posted by: mopar at June 3, 2009 10:16 PM

LIS PENDENS!!! LIS PENDENS!!! LIS PENDENS!!! LIS PENDENS!!! LIS PENDENS!!! LIS PENDENS!!! LIS PENDENS!!! LIS PENDENS!!! LIS PENDENS!!! LIS PENDENS!!!

Does anyone have the answer to my question @ 4:36. If not, I have to assume that it is spiking.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 3, 2009 10:27 PM

"I have a team?! And Chicken is on it? AWESOME! You have made my day, Chicken. Thank you!!!!!!!!!!!!!!!!!!!!

Posted by: mopar at June 3, 2009 10:16 PM"

For some reason, I read "wasder" as "mopar" in wasder's first post - sorry wasder for not giving you the due credit - but you are definitely in the gang.

It seems like I have accidentally stumbled upon an effective way to recruit new members into Team Reasonable - just pick a person and say that they are in (seems reasonable, no?!)

M4L, you are now a member of Team Reasonable - live with it!

Team Reasonable....we go REASONABLY!!!!

Posted by: the chicken at June 4, 2009 4:11 AM

No problems Chicken. Team Reasonable unlike some of the other teams here on the site does not operate from a place of ego and testosterone but instead from a inclusive and humanistic perspective. So the notion of who owns the idea or who is the leader is really a moot point. Its all of us at the same time.

Team Reasonable...we go REASONABLY!!!! (instead of growl we say oooohhhmmmmm)

Posted by: wasder at June 4, 2009 9:05 AM

Team Reasonable. Call us One for we are Legion...

Posted by: the chicken at June 4, 2009 9:21 AM

Waaaaaaaaaa, no fair!!!!!!!!!!!!!!

Posted by: mopar at June 4, 2009 3:35 PM

Home Prices: Sellers Need to Lower Expectations
Published: Friday, 5 Jun 2009 | 10:05 AM ET Text Size By: Diana Olick
CNBC Real Estate Reporter

AP
Home For Sale - Reduced Priced
--------------------------------------------------------------------------------

A new report out today from online real estate search site, Trulia.com, finds that nearly one in four current sellers, and these are what we call “organic” sellers, not distressed sellers (foreclosures or short sales) have dropped their sale prices at least once.

On average, they’ve dropped prices 10.6 percent from their original list price. If you add it all up, that’s $27.4 billion dollars slashed off either total U.S. home equity, if you choose to see it that way, or at the very least off of seller expectation.

And that’s what I want to focus on: Seller expectation. Yes, we in the big bad media spend all our time shouting out all these nasty numbers of how far home prices have fallen “nationally” (which is bogus since all real estate is local) and how much one foreclosed property takes off the price of neighboring homes.

And yes we say there is no end in sight until the foreclosure crisis ebbs and buyer confidence restores. So why are so many sellers/agents still so far off the mark in gauging their list prices?

In my DC neighborhood, which has seen really minimal foreclosures if any, two nearly identical houses went up for sale this month, within two blocks of each other, at radically different prices: One at $2.2 million and the other at $1.65 million. It’s all about expectations, and clearly sellers, despite all the media blasts about housing, are still unclear where they stand in today’s marketplace.

Neighborhood Realtors told me the first house was radically overpriced, but the sellers were stubborn, and, as expected, they dropped the price after a month of no bites. But they didn’t drop even close to the price of the other house.

Major Jump In Mortgage Rates Hasn't Hurt Home Sales—Yet
These sellers just think that’s what it’s worth. Now the other sellers may be in more of a hurry to get out; I admit I don’t know, but it will be interesting to see if it goes quickly. I’ve seen houses that are aggressively priced move very quickly, and others not so well priced languish for months.

CNBC.COM SLIDESHOWS:
10 Most Affordable Metro Areas
The World's Most Expensive Real Estate Markets
Where The $200,000+ Crowd Lives
10 Highest Homeowner Vacancy Rates
Million Dollar Homes Across America
10 Highest Rental Vacancy Rates for Metro Areas
10 Most Popular Relocation Cities

That simply says there is plenty of demand out there, at the right price. I’m already hearing of a return to bidding wars in parts of New York and New Jersey, where prices are too tempting to resist, and out in the most distressed areas of Phoenix and San Diego, sales are bumping up, but I caution that those are mostly on foreclosures.

Are Mozilo And Countrywide Only the First Targets?
It’s the organic market that I still see as the conundrum. Organic sales have fallen off much farther than most buyers and sellers know and/or appreciate, especially on the East Coast.

Organic sales are also more sensitive to mortgage rates, since organic sales are not going to be at the rock-bottom discount rates that foreclosures are. Given that mortgage rates are rising, subtracting buying power from those few in the market, more sellers will likely have to lower their prices and their expectations.

Posted by: hannible at June 5, 2009 9:37 PM

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June 3, 2009

Foreclosures in Brooklyn Up Slightly But Still Low

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