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Foreclosure results for the five boroughs were mixed in August, according to numbers just released by Property Shark. Staten Island and Queens saw increases in both year-over-year and month-over-month numbers, while the Bronx, Manhattan and Brooklyn saw declines in both numbers. In Brooklyn, the number of new foreclosures dropped from 31 in August 2009 and 37 in July 2010 to just 20 last month. (Click through to the jump for a map of the Brooklyn properties in question.) The big question is whether the trend is your friend or this is just the calm before the pent-up storm.

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  1. Stupid, stupid, stupid. CRA required banks to lend in, rather than redline, minority neighborhoods. It did not require loans to unqualified individuals. It was meant to stop banks from using race and neighborhood as shorthand for individual qualifications and just start looking at mortgage applciants on their own individual merits. Banks were just too lazy to be rigorous about the distinction, and this laziness was facilitated and amplified by ease of mortgage securitization and passing on the risk elsewhere. And, of course, no answer to the question of why, for 30 years, CRA was not a problem until, suddenly, it was, and only during period banks were regulated by a republican administration. But yes, 2007 credit crisis was all Carter’s fault. Great — I’m going to blame the 70s oil shocks and recession on Eisenhauer. This CRA thing is a total canard.

  2. CRA was the proximate cause of the Mortgage meltdown because it enabled people who couldn’t reasonably afford mortgages to be granted them–the banks were forced by the Act to give them underpenalty of losing their charters and/or prevent mergers and growth. And government-owned banks were told to buy the mortgages.

    Newsflash: poor people are poor.
    Newsflash: seeing racism where there isn’t any is good for Democrats.

    Newsflash: the Democrat Party dies if it can’t maintain the illusion that Republicans and conservatives are rich white people oppressing minorities.

    Newsflash: you are brainwashed.

  3. BrooklyCouch weren’t you the one who hilariously tried to claim that the Community Reinvestment Act suddenly after 30 years of being in effect with no problem all of the sudden caused the finical crisis?

    Of course I can’t blame you, since you probably don’t even know what the act actually does, it just sounds like a good thing to blame it on because it hits all the idiot wing-nut talking points.

    Democratic president (Carter), check!
    Poor black and brown people, Check!

  4. Thanks, Slope Farm. All I know is that BOA has gone from credit reporting keyed to “30 days late” to “payment by the end of the month”–that’s bought me an extra day or two (and payment by check at a branch at the end of the day on the 31st day doesn’t get presented for two days).

  5. lis pendens is notice of any lawsuit that may affect title. Disptued ownership, specific performance suits, mechanic’s liens, tax liens, estate battles, other circumstances too numerous to list, as well as foreclosure actions. You have to look at the complaint to know whether lis pendens is due to foreclosure. So even if you had data showing trends in # of lis pendens filed, you wouldn’t know why or whether foreclosrue-related without drilling down further.

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