property-shark-foreclosures-4Q2008.jpg
Foreclosures in New York City were up year-over-year in the fourth quarter of 2008 but down from the third quarter, not surprising results given the moratorium around the holidays; overall, rates of foreclosure in New York remained far below Los Angeles, Miami and Seattle. In Brooklyn, there were 83 foreclosures in Q4 2008, down from 108 in Q4 2007 and 165 in Q3 2008. For 2008 as a whole, there were 555 foreclosures in 2008, versus 534 throughout 2007. Queens continued to hold the crown for most foreclosures; there was not a single Brooklyn neighborhood represented on the list of Top 15 zip codes.
Quarterly Foreclosures Report: Now With More Charts! [Curbed]
Property Shark 4Q Foreclosure Report [Curbed, PDF]


What's Your Take? Leave a Comment

  1. I don’t pay attention to these Wall Street masterminds anymore. Whatever they say is garbage. There is a much better indicator to tell you where the economy and housing market is going- Toilet Paper. That’s right Think about it. Have you seen how expensive toilet paper is? Well the same goes for our economy and real estate. When we can afford to buy toilet paper we will be able to afford homes again.

  2. Dave,

    To put it in layman’s terms, are you saying that in a typical recession, what happens first is that the layoffs decline, but that hiring/rehiring takes more time? Businesses get close to the level they need to survive the recession, but that things need to pick up again before they start hiring? So that even if layoffs slow to non-recessionary levels, there is kind of a jobs traffic jam since no one can get hired, hence the unemployment rate continues to climb? On one hand, it is good news to think the end is in sight. On the other, if unemployment is going to continue to spike for a while, your good news may not translate to the foreclosure front for a while, at least nationally.

  3. Regarding the employment numbers and yesterday’s “claims” number…
    The market was surprised by the much-better-than-expected decline in new jobless claims reported out yesterday. To remind everyone, jobless claims actually fell last week, falling 24,000, and this was after the already surprisingly
    large drop in claims the week before. The Street had expected a sizeable increase in claims, so this was quite a surprise. “Claims” are an excellent coincident
    indicator of the end of recessions. Claims tend to
    “spike” higher and then move sharply the other
    direction at or very, very near the bottom of the
    recessions, and history proves that point time and time
    again. “Claims” claimed the recession’s low within a
    matter of weeks in the recession of ’60; in the
    recession of ’72-’74; in the recessions of ’80 and ’81-
    ’82; in the recession of ’90 and again in the last
    recession which ended late in ’01. As noted, the only
    time that “claims” did not turn for the better spot on the
    recession’s low was in the recession of ’70 when
    “claims” turned for the better mid-way through the
    recession. So, yesterday’s data was really quite good,
    suggesting that the worst of the recession is perhaps
    behind us. Eeven if it is correct, one must remember also that employment itself is the most lagging of indicators. It
    shall continue to worsen in the months ahead even if
    the worst is behind us on most other economic fronts.