Brooklyn Monthly Foreclosures
There were 47 new foreclosures in July for Brooklyn, which has 873,000 households total, according to PropertyShark’s monthly foreclosure report. This is a 27 percent increase from the 37 foreclosures in June, but a 25 percent decrease from the 63 foreclosures in the same month last year. Regardless of that year-over-year number, it’s hard not…
There were 47 new foreclosures in July for Brooklyn, which has 873,000 households total, according to PropertyShark’s monthly foreclosure report. This is a 27 percent increase from the 37 foreclosures in June, but a 25 percent decrease from the 63 foreclosures in the same month last year. Regardless of that year-over-year number, it’s hard not to look at that upward-trending line and not be just a little bit scared. The report includes data from all five boroughs: notably, Queens is the foreclosure leader, with 199 new foreclosures in July, or 63 percent of all foreclosures in New York City, while Manhattan saw only four new foreclosures. Overall, citywide, foreclosures are down 7.6 percent from June, and down 6.7 percent from July 2008.
Data from PropertyShark
BTW at least in NY when a foreclosure takes place the bank doesn’t own property immediately. The bank has to go to court in a fairly complicated proceedure and basically calls the loan and the property which is the security for the loan is sold(on the court house steps) to pay the loan. The bank(or whomever holds the paper on the house) can bid the amount on the paper but if any one bids higher they will own the home pay off the loan and the balance if any(after fees) is turned over to the homeowner. Of course in this market people don’t bid more than the loan. Sometimes the holder of the mortgage won’t bid its paper but will be happy to take less and not own the house ever….(also in NY the owner of the house has a right to redeem by paying everything within a period of time which I don’t know off hand)….
Agree with Tinarina. Not great, but not a disaster that’s going to bring all of Brooklyn or New York down with it. Actually, all the short sales and foreclosures that have been on the market for over a year in Bushwick are clearing out. Quite a few closings since March, very few residential houses on the market (as opposed to condos or commercial buildings).
The foreclosures have been mostly concentrated in the East of Brooklyn in neighborhoods such as Bushwick and East New York. Bed Stuy, there are a few, but not so much. You’re behind, Corner.
Sigh, yes I know m4l, but old habits die hard.
Dave, I have no worries, I can’t imagine you’d want to either bite or grab me.
I’ll try to come by tonight. I’m not much of a drinker. m4l are you coming?
Seems I’ve been right on real estate for over 24 years, BO.
Bs term of the day “Prime Bed Stuy”
LOL ahahahahha
Dave you crack me up! Even though you are wrong on RE
WonTon, you coming to Ellis bar tonight??? m4l can vouch for me that I don’t bite or get grabby!!!!
WonTon, Yale + Princeton would like you to be more proud and less modest
Dave, thanks, but that’s too much of a compliment for my terrible English writing….