Foreclosure

January 30, 2008

Foreclosures of the Week: Bed-Stuy on the Block

In keeping with reports that ID Bedford-Stuyvesant as having some of the highest foreclosure rates in the city, most of the houses Property Shark showcases in its foreclosure listings are in the Stuy. The 2,040-square-foot house at 463 Lafayette last sold in ’06 for $710,000 and has a relatively small lien of $198,744. The house at 489 Madison Street, by contrast, last sold for $800,000 in ’05, and it has a much larger lien of $672,268. Auctions for both are scheduled to take place this Thursday at 3 p.m. in Room 274 Of Kings County Supreme Court, 360 Adams Street.
463 Lafayette Avenue [Property Shark] GMAP
489 Madison Street [Property Shark] GMAP

January 28, 2008

Report: Subprime Foreclosures Rampant in Brooklyn

On Friday the Federal Reserve Bank of New York released data listing how many subprime loans there were in New York state in October (broken down by zip code) and how many of those loans were in foreclosure. Bottom line? Bad news for Brooklyn, especially in the zip codes that include Crown Heights, Bedford-Stuyvesant, East New York, Williamsburg, and Bushwick. As reported in the Daily News, there were foreclosure proceedings under way for 25 percent of homeowners with subprime mortgages in 11233, which covers Bedford-Stuyvesant and Crown Heights. That subprime foreclosure rate is almost four times the national average of 6.89 percent. As the chart above shows, subprime foreclosure rates were also high in other Bed-Stuy/Crown Heights codes (11212, 11213, 11216, and 11238). The data also shows that 435 homes with subprime loans in East New York were in foreclosure. Foreclosure rates on properties in the zip codes covering Williamsburg and Bushwick, meanwhile, were also high (though the total number of subprime loans in those Zips was smaller than in Bed-Stuy, Crown Heights and East New York): 22 percent of homes with subprime loans in the 11221 Zip code were in foreclosure.
Brooklyn Neighborhoods Top Subprime Foreclosures in Nation [NY Daily News]
New York Fed Releases Zip Code Level Data on Nonprime Mortgages [NY Fed]

January 25, 2008

Foreclosure Pressure at 14 Fort Greene Place?

The asking price of 14 Fort Greene Place, recently cut from $1,469,000 to $1,399,000, may get a lot cheaper a lot faster, if a tipster we heard from is on the mark. According to someone who lives on the block, the owner was just served with foreclosure papers this week for a $910,000 mortgage that was taken out on the property in 2006. If that is indeed the case, the seller, who's been trying to dump the place since last summer, might be what real estate agents like to refer to as "motivated" at this weekend's open house, which, in case you're interested, takes place on Sunday from 1:30 to 2:30.
14 Fort Greene Place [Corcoran] GMAP P*Shark

January 22, 2008

Foreclosures of the Week

There are two interesting co-op foreclosure auction scheduled for tomorrow morning. First off, unit 8F at the 13-story, prewar 40 Boerum Place is going on the block. There’s currently a lien of $327,669 on the property, which sold for $420,000 in 2005. There’s also an auction scheduled for unit 6A at 381 Argyle Road in Flatbush (a block away from Ditmas Park West). The unit has a lien of $78,586 on it, and it last sold for $89,610 in 2005. The Argyle Road auction is scheduled for 11 a.m. tomorrow on the steps of 360 Adams Street; the Boerum Place auction will follow at 11:30.
40 Boerum Place, Unit 8F [Property Shark] GMAP
381 Argyle Road, Unit 6A [Property Shark] GMAP

January 16, 2008

Foreclosures In New and Unusual Places

Glancing at the list of foreclosures on the docket tomorrow, we noticed, among the usual sea of properties in Bed Stuy, Crown Heights and East New York, a couple of houses in areas that have not felt the sting of the current mortgage crisis much-—Park Slope and Bay Ridge. The house at the left, 271 11th Street, is a three-story (two plus English basement) place with a lien of $148,300, a surprisingly small amount to lead to a foreclosure in this part of town; the charmer on the right, 513 72nd Street, has a larger tab, $428,044 to be exact. Both are scheduled to be auctioned tomorrow at 360 Adams Street at 3 p.m.
Foreclosure: 271 11th Street [PropertyShark] GMAP
Foreclosure: 513 72nd Street [PropertyShark] GMAP

January 3, 2008

921 Greene Avenue: Pregnant with Possibility

On our way to pick up a new Argington trundle bed for the eldest of the Brownstoner brood over the holidays, we passed this beautiful brick and brownstone house at the corner of Greene Avenue and Malcom X Boulevard in Bed Stuy. Instantly smitten, we headed back to headquarters to find out what the story was. Turns out that it's an example of what can be scored via foreclosure auction. After the former owner defaulted on a $423,011 loan, some opportunistic investor picked up the four-story house for $575,000. This looks like a great condo conversion to us. GMAP P*Shark DOB