Brooklyn Foreclosures Drop Dramatically in First Quarter
While foreclosures city-wide were down slightly in the first quarter versus a year ago, they were down significantly in Brooklyn. According to PropertyShark, there were only 37 foreclosures in Brooklyn over the last three months, versus 140 in the first quarter of 2008 and 83 in the fourth quarter of 2008; Manhattan also saw a…
While foreclosures city-wide were down slightly in the first quarter versus a year ago, they were down significantly in Brooklyn. According to PropertyShark, there were only 37 foreclosures in Brooklyn over the last three months, versus 140 in the first quarter of 2008 and 83 in the fourth quarter of 2008; Manhattan also saw a marked decline. You can check out a dynamic map of the Brooklyn properties here. If the same thing were happening in the Bronx and Queens, we might chalk it up to the government and bank programs, but that doesn’t appear to be the case. So any ideas what could explain this trend in Brooklyn?
It was Santa Claus. It would be pretty mean to foreclose on people during the winter months. To be honest as much as I hate these people for buying over their heads I still would not kick them into the street during the coldest part of the year. Spring is hear watch the for sale signs pop up like daisies in Spring.
In a curious coincidence, Tad Friend’s article about a California foreclosure broker in this week’s New Yorker explains every question in this post and everything that is going on with foreclosed houses across the nation. In a delightful and entertaining and emotionally disturbing manner. I recommend it.
http://www.newyorker.com/reporting/2009/04/06/090406fa_fact_friend
Letter from California, “Cash for Keys,†The New Yorker, April 6, 2009, p. 34
Parkedslope, I think what you say makes a lot of sense and is certainly something to think about.
“And to the vulture buyers out there, I say: beware. Prices may come down, but easy-money mortgages are already hard to come-by; inflation may kick-in & that could actually buoy prices while diminishing the value of your savings; and there may be more owners out there than you think who have stable jobs, fixed mortgages & actually bought within their means.”
parkedsheep – You are clueless. Bottoms stay flat, giving vultures (the ones who stay liquid and solvent) plenty of time to strike. Review the historical record. There was no rush during the 90’s when times were relatively better. Yes, you have to do the math to account for interest rate spikes and inflation but all that can be outperformed with a high enough savings rate. There are more aquamen and aquawomen out there (you know, underwater – bloop, bloop, bloop…) than YOU think. This is an economic depression whether you want to realize it now or wait for your Department of Labor to tell you (like the year-late recession call).
And I didn’t interpret the foreclosure numbers above as an indicator of a bad market. I said it was a bad indicator, period, for the reasons dave and I stated above.
***Bid half off peak comps***
parkedsheep,
US Labor Department???!!! The agency that spins the unemployment numbers (“Ran out of benefits…Sorry, we don’t count you.”)? Are you serious?
Stop listening to the herdsmen and start thinking outside the box. We have consumed far more than we have produced [real goods]. Why do we have a skyrocketing deficit? Why was the national savings rate negative for the first time since the Great Depression? Where is our manufacturing base?
Beep beep beep…!!! Good morning, Vietnam!!!
http://www.safehaven.com/article-6651.htm
***Bid half off peak comps***
“The jury’s out on just how NYC’s current high unemployment will affect the housing market”
What????????????
“But when all is said-and-done, may I remind you all that the report says foreclosures were DOWN in Brooklyn? And the map shows all but 2 foreclosures happening east of Flatbush – excluding most of the ‘Brownstone Brooklyn’ neighborhoods.”
You have about 7 months of life support left. This fall the wall of Jericho will fall down and the Mind Set of Greed and Delusion will be finished…
Team Bear have a great weekend and Team Bullsh*t suck balls…
The What
Someday this war is gonna end..
Yes, ROTW – and unemployment in NYC is now over 10%! Sorry to say, you are only helping make my point: productivity gains do not necessarily equate with a healthy economy. Nor do those gains always equate with a lousy economy either…
I know mixing apples-and-oranges is a popular strategy of yours, and again, I was simply saying that BHO was 100% wrong in his assertion that ‘our productivity sucks.’
But I’ll take your bait anyway: as for unemployment #’s, there is a real danger that eventually, too many people will lose their jobs and productivity will take a hit because demand will plummet. You may remember about 7 years ago when Greenspan was actually complaining that unemployment was too low – which meant workers had too much bargaining power & that was hurting – you guessed it – productivity.
The jury’s out on just how NYC’s current high unemployment will affect the housing market: I’d like to see some demographic break-down of the numbers – what kinds of jobs [white collar, skilled blue collar or unskilled labor] are being lost – because that will determine how much rents vs sales prices will fall.
And to the vulture buyers out there, I say: beware. Prices may come down, but easy-money mortgages are already hard to come-by; inflation may kick-in & that could actually buoy prices while diminishing the value of your savings; and there may be more owners out there than you think who have stable jobs, fixed mortgages & actually bought within their means.
But when all is said-and-done, may I remind you all that the report says foreclosures were DOWN in Brooklyn? And the map shows all but 2 foreclosures happening east of Flatbush – excluding most of the ‘Brownstone Brooklyn’ neighborhoods.
“I’m not really sure why I’m bothering to post this, as the bear/moron/ROTW crowd only seem to see what they want to see, believe what they want to believe… that’s why an article about dropping foreclosure rates is interpreted as BAD news & further validation of their twisted world view.”
Twisted like this????
U.S. Unemployment Rate Reaches 25-Year High of 8.5% (Update2)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aV3T3USSyJy0&refer=home
April 3 (Bloomberg) — The U.S. unemployment rate jumped in March to the highest level since 1983 as the economy lost 663,000 jobs, threatening to keep spending subdued for months and delay any recovery.
So that means productivity increases with less people on a job. OK I’m sorry I had to smoke some crack to see that POV…
The What
Someday this war is gonna end…
BHO – please, stop with the BS!
US worker productivity is, in-fact, at an all-time-high. Econ 101: productivity is measured in output-per-worker. The sad [to many of us] legacy of 3 decades of automation, IT, lay-offs & outsourcing is that it takes fewer workers to create more goods & services.
Even in this crunch, productivity keeps going up:
The U.S. Labor Department announced that U.S. worker productivity increased at a 3.2% annualized rate in Q4 2008 and at a 2.8% rate for all of 2008; the full-year rate was the nation’s largest productivity increase since 2003. Each was better than Wall Street’s consensus estimates of roughly 1.1% and 2.0%, respectively, according to a Bloomberg News survey.
[source: http://www.bloggingstocks.com/2009/02/06/ray-of-light-u-s-corporate-worker-productivity-continues-to-r/%5D
I’m not really sure why I’m bothering to post this, as the bear/moron/ROTW crowd only seem to see what they want to see, believe what they want to believe… that’s why an article about dropping foreclosure rates is interpreted as BAD news & further validation of their twisted world view.
Enjoy!