First-Quarter Foreclosure Report: Modest Rise for Bklyn
In addition to quarterly sales data hitting this week, we also get a quarterly foreclosure report from Property Shark. On the bright side, the firm’s New York City foreclosure numbers look like a teensy blip compared to L.A. and Miami: The warmer climes had 8,877 and 2,231 foreclosures scheduled in the first three months of…
In addition to quarterly sales data hitting this week, we also get a quarterly foreclosure report from Property Shark. On the bright side, the firm’s New York City foreclosure numbers look like a teensy blip compared to L.A. and Miami: The warmer climes had 8,877 and 2,231 foreclosures scheduled in the first three months of this year, respectively, while NYC had 918 scheduled. Since we’re talking about foreclosures, though, that’s more or less where the good news ends. There were 140 foreclosures scheduled in Brooklyn last quarter, compared to 103 in Q4 2007; the first three months of ’07 saw 129 scheduled foreclosures, so this quarter’s numbers don’t signify a huge year-to-year leap. The 11233 (Bed-Stuy and surrounding areas) and 11207 (East New York and surrounding areas) ZIPs topped the Brooklyn forcs charts. In all of New York City, there was a 66 percent rise in the number of foreclosures compared to this time last year, with the highest number by far recorded in Queens (508).
Foreclosure Reports [Property Shark]
10:03, I agree. I think there continue to be demand in NYC and there will not be a vacant home problem. Prices may decline but homes sell here as long as people deem NYC a desirable place to live. And if housing prices continue to drop, I think some people will take advantage of the opportunity to upsize by selling and buying at the lower prices.
10:03 you are absolutely delusional, just like New Yorkers were back in the 80’s.
“Those who do not learn from the past are doomed to repeat it.”
As the poster above suggested, many scheduled foreclosure auctions never happen. When they do in NYC, we usually have buyers. Or is anyone reading this actually seeing lots of REOs in NYC (that is, homes that the banks are buying back because no human soul wants them?). The worst bubble cities are flooded with REOs, but I’m not sensing many in NYC, even in the big foreclosure areas.
Do people here think we’re going to have a vacant home problem? And if not, are we just discussing these stats because we’re concerned about the over-indebted homeowners? Sure, short sales or foreclosure auctions will lower property values in the short term, but if the housing ends up occupied (instead of as a speculator’s plaything) NYC will be OK.
i agree with 9:38’s attidude and fact
“the mortgagee would be able to sell or come to some agreement with the bank”.
So the impact of the issue raised by 9:38 is that if we appear to be lagging the rest of the country in the severity of the foreclosure problem, it could only be because our foreclosure process is more drawn out, yes? Meaning that there is much worse to come.
9:38, that is certainly interesting and gives perspective to the NYC vs. other States’ numbers, but the apples to apples comparison in NYC seems to indicate an increase that, as 9:18 said, looks a bit more than modest.
Interesting point, 9:38. Very sad for the soon-to-be-former homeowners.
i’m a fan of the What
9:35, there’s nowhere for The What (i.e., 45 year-old Caucasian real estate broker in Lodi) to go back to; he’s already in Jersey!