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
Need to wait & see if the Wall St bankers will spend their massive bonuses on real estate and if they’ll pay juicy prices. The massive bonus is one thing NYC has that other cities dont have.
BOLL is a prettier technical pic, BO
dave dont you work in finance? why would you find it hard to ludicrous? Its called econometrics, dont you use models?
MacD, not so sure I see what in that comment would imply that the lender was not “above board”. The company failed, but nothing in the comment implies they defrauded anybody or did anything else unethical. When a company fails, there is always collateral damage and some people who relied on this company for loans will have to get them elsewhere – that doesn’t imply anything untoward by the company.
yo MacD check out the MACD on IYR
I find it almost ludicrous that the Deutsche bank guy can predict what 2011 will look like.
On a related (?) note, this is from bankrate.com site:
“The big mortgage news of the week concerned the abrupt failure of Taylor, Bean & Whitaker, a top-15 lender overall, and the third-biggest originator of FHA-insured loans. Taylor, Bean & Whitaker’s swift demise Wednesday afternoon stranded possibly thousands of would-be borrowers. The lucky ones were early in the process, and had applied for loans and were waiting for approval. The unlucky customers had been approved for loans and were waiting for them to close. All must start over and submit a new application with another lender.”
Have any of the big mortgage lenders been above board over the past few years? Disgusting.
these numbers are not bad at all however it is being held down by some NYS program if I remember correctly giving a moratorium. I wonder when that expires. Here is a real scary story from Deutche Bank
http://www.reuters.com/article/businessNews/idUSTRE5745JP20090805?feedType=RSS&feedName=businessNews
What is the cumulative number of foreclosures from,say, the beginning of 2008 and what is the total amount of housing stock in Brooklyn??? Looking for the rates. I suspect they mirror what credit card default rates are…very low single digit. They too were somewhat nonexistent almost in the 2000-2007 period.