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
Exactly, tinarina. these properties don’t sit like in some abandoned suburban enclave. they are bought upo upon foreclosure. Yes, very bad for the homeowners but these properties seem to have very litttle effect on the housing market as a whole. Complete towns are being devestated price-wise in parts of middle America because of the foreclosures in some parts…CA, NV and FL being the main problems
Okay, I’m not a finance person, but based at the raw numbers in Brooklyn–not the trend–it just doesn’t seem that scary. 47 foreclosures in the whole borough this month? Neighborhoods are not being blighted, and these properties will likely be snatched up and inhabited ASAP.
Certainly not great for the homeowners and their tenants, but we’re still talking about a small number of people.
On fundamentals, BO.
MacD, no argument from me anymore. You’re right – enough said based on your second post.
Dave people have made billions using these models. They just have to have the right assumptions. Look at John Paulson, How do you pick stocks for clients?
none of these econometric models have been very predictive in the past eight years, neither on the way up or the way dome. Don’t you remember that Long Term Capital which imploded many years ago based all their investing on econometric models.
I hope you were just being facetious.
let me ask a really dumb question…
when a house is foreclosed, that means the bank acquires it right? is that only if you still have a mortgage to pay on it? do you walk away scott free but lose everything you put into the house, or do you have to still pay on it or something?
also do they foreclose on houses if youve already paid the full mortgage but cant pay the taxes? also are co-ops and condos ever foreclosed on?
sorry im asking such punky brewsterish questions, but i never really fully understood the concept.
*rob*
anyway I never give stock tips here but some advice to all, if yu own any REITs sell them right now!
Well, bk, how about this one, from the same source:
“Taylor, Bean & Whitaker’s problems surfaced Tuesday afternoon, when the federal Department of Housing and Urban Development announced that it had suspended the lender from underwriting mortgages insured by the Federal Housing Administration.
HUD said that it had suspended Taylor, Bean because the lender “failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud.”
The next day, Taylor, Bean & Whitaker announced that it was ceasing all lending operations immediately. The Wall Street Journal reported that the company’s CEO sent an e-mail to employees, saying that the company was ceasing operations and that all nonessential employees would be laid off that day.”
‘Nuf said.