foreclosuresaug07.jpg
Ouch.

City Foreclosures Skyrocket 30% [NY Post]
Data from RealtyTrac


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  1. Can anyone disaggregate the numbers? I’ve read that as many as half the foreclosures nationwide are on properties that are NOT owner-occupied. That would mean speculators are walking away from a failed investment.

  2. 10:49, the point is that if you’re getting foreclosed on, you can’t afford the house, either. You’re the one equating greed with immorality, not 10:16. He’s just saying what’s obviously true: greed led people to be willing to pay absurd prices for Brooklyn real estate.

  3. “You know who really fueled this sub prime business, it’s not the couple making a combine 60k and wanting to buy a 400K house, it’s the greedy over 100K brownstone lover wanting a million dollar home….”

    What? Where does greed enter into this? Imprudent, maybe. But the idea that paying (or asking) more than a certain price is immoral is ridiculous.

    What do you want people to say? “Yes, I could buy this house for a million and a half dollars. But what f the greater goood? What of the other buyers? ‘Twould not be in the spirit of community! Nay, until all men can affford such a house, ’tis a humble rental for me!”

  4. “This news is great for first time buyers. I hope the prices decline will be dramatic.”

    Absolutely. Purge all speculators. Shake out the excess. It’s time to own homes like they’re supposed to be owned – long term or not at all.

  5. You know who really fueled this sub prime business, it’s not the couple making a combine 60k and wanting to buy a 400K house, it’s the greedy over 100K brownstone lover wanting a million dollar home….

    Yes I had to say it twice….