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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. Brooklyn would seem the most stable of the three major outer boroughs, so it would make sense that foreclosure rates would bottom-out here first. But until it’s clear either that the Republicans will have a near-veto-proof majority, or that Obama has received a brain transplant, I don’t see why anyone should have optimism for the housing market. Unless, of course the Admnistration figures out a way for banks to hide defaults better, which will, of course, only change the stats…

  2. By Brownstones Half Off on September 3, 2010 10:08 AM

    I should know this, but how does lis pendens reveal/hide foreclosures? Aren’t they simply public notice of liens? And were they ever “not hidden”?

  3. Honest to goodness job ad posted today on Craigslist in the ‘legal’ section:

    “Our company is looking for a part-time NYS Licensed Foreclosure Litigation Attorney
    Out company service homeowner whose currently facing foreclosure and auction.

    We’re looking for an attorney with a track record of prolonging the process.
    you will prepare motions, answers, reply and appear in court with the client.

    We currently have about 10 cases that need immediate attention.

    Must understand the real estate foreclosure IN and Out.

    Queens and Brooklyn Location
    please email sample of your pass work. and index # of your queens and brooklyn cases.”

  4. I guess that means we’ve reached the bottom of the Obama death-spiral? Nah… the banks are just being cleverer in hiding their defaults.

    I’ve heard that Gillibrand is becoming vulnerable? I don’t buy it: too many Brooklyn and union economic morons out there.
    But looks like the Dems may very well lose both Houses; and maybe, just maybe, Obama will resign?

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