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
In the fringe areas, certainly, BO. Not in prime Bed Stuy, or Stuyvesant Heights. You can go one block east and it’s as if you were in a different worlds, in many ways.
Dave you should read the Crains article youre hood seems to have a lot of people falling behind.
I guess what I’m saying is that I think that with this cycle, a few Brooklyn neighborhoods will have entered the value perimeter that used to encircle only Manhattan.
Posted by: WonTon at August 6, 2009 10:35 AM
This has been my thinking for awhile. WonTon has expressed it more succinctly and elegantly.
Pete that is based on a Crains article last week about the deliquincies in what they called Northern Brooklyn i think. The map had red dots all over what I describe as the fringe areas of Brooklyn.
I think it’s important to take into account just where in Brooklyn these foreclosures are happening when trying to plot any real estate trends. I’m not a financial professional, but I do think that this real estate cycle is remarkable in that “brownstone Brooklyn” is not going to precisely follow the overall trending pattern for Brooklyn, just as New York City is not following the patterns of overly-speculated cities like Miami, Las Vegas, etc.
I guess what I’m saying is that I think that with this cycle, a few Brooklyn neighborhoods will have entered the value perimeter that used to encircle only Manhattan.
“numbers are great however they are most likely to quadruple from here.” — why do you say that….why quadruple not triple or tenfold. Are you just throwing something out there or do you have some facts and figures.
Even at 200 per month I suspect the impact will be in handful of neighborhoods, like ENY and Bushwick and Canarsie. Not great, but not a disaster. I have friends and family in Cleveland–there are foreclosures on every block, even in the nicest parts of town…and not enough buyers.
There is next to zero risk for an institution that only lends FHA single family loans. TB,&W didn’t sink from making ‘bad’ loans.
tinarina these numbers are great however they are most likely to quadruple from here. There was a state moratorium holding them down and the delinquincies are spiking in Brooklyn. There was a Crains article about it last week