Brooklyn Foreclosures Low and Steady in February
For the gazillionth month in a row, the only borough in New York City to exhibit foreclosure problems was Queens, which had 183 foreclosures in February compared to 170 in January. Meanwhile, according to statistics from PropertyShark, Brooklyn held firm at 12 for the month, not much more than in Manhattan, where totals inched up…
For the gazillionth month in a row, the only borough in New York City to exhibit foreclosure problems was Queens, which had 183 foreclosures in February compared to 170 in January. Meanwhile, according to statistics from PropertyShark, Brooklyn held firm at 12 for the month, not much more than in Manhattan, where totals inched up from 5 to 9 last month. Presumably most of the problems we all read about on a daily basis are just working their way through the system or getting restructured, extended, etc. Even with that backdrop these numbers seem crazily low, no?
February Foreclosures Report [Curbed]
A good example to look at is. Remember when not too long ago the “For Sale” sign was written in pen on a sign and posted in the window with tape because it was not suppose to be there long. Look at the signs they are putting up now. They are building sign posts with cement and iron. The sellers know their homes are going to be on the market for a very long long time. The longer they stay on the market the more air will come out of those overinflated prices.
Commonsense, I like your name and your post! Wine Lover, welcome back — did you mean to post in the Open Thread about buy vs. rent?
agree with mopar. for many, buying an apt in NYC anywhere was usually a great decision in that you end up with lower payments (mortgage v. rent) after your tax deduction. especially in 2 income families. right now, if we were to decide to rent a truly similar place (apples to apples features, size, location, etc…) we would be looking at a hike of about $4000 per month. I doubt that we could make $4000 a month in the stock market.
These numbers can not be accurate. I review closed sales on a daily basis and see foreclosures in every neighborhood. Something is not registering properly.
None of the above comments make any sense. The majority of properties in Brooklyn that are likely to be foreclosed are small houses where the landlord lives in the building. Not condos, not coops, not commercial rental properties.
The numbers Brownstoner prints here for January are much lower than I recall them being in past months, when they approached Queens. So either something is missing, or the banks are holding off.
I’m curious: Anyone seen any Brooklyn houses actually up for auction?
“There has to be a flood of ‘must sell’ inventory in the wings, waiting and hoping.”
It’s called shadow inventory. It is lurking.
***Bid half off peak comps***
I don’t think it’s a mystery at all. Even with all the new condos, most of the apartments in Brooklyn and Manhattan are co-ops, and co-op boards have been much tougher and more discriminating than banks in approving buyers. Also, even with layoffs, etc., over time there will always be more demand than supply in the desirable parts of New York City, because this is where people from all over the world want to be.
Foreclosures are always lowest in the Fall/Winter months (even the chart above shows that). Wait until April or May, and we’ll see an “explosion” (relatively speaking) in foreclosures until at least August or September. Condos will really be hit hit hardest while coops with a high degree of solvency should be able to weather a downturn, and the trade in brownstones is so slow to begin with. Values will continue to decrease dramatically, but as long as people want to live here and don’t need to sell, values will get back to current levels by 2030.
Truly a mystery. There are many near foreclosure, but almost nothing gets the gavel.
$10 Trillion erased from stock market, massive layoffs on wall street, a glut of new condos and prices only decline a little. I dont believe in miracles! There has to be a flood of “must sell” inventory in the wings, waiting and hoping.