Foreclosure Trend In Brooklyn: Flat to Down
While New York City as a whole saw a 17% jump in foreclosures this month (and Staten Island was up particularly worrisome 49%), the number of foreclosures in Brooklyn was virtually unchanged versus last month and was about 40% down from last May’s peak of 63, according to a report just released by Propertyshark. Queens…
While New York City as a whole saw a 17% jump in foreclosures this month (and Staten Island was up particularly worrisome 49%), the number of foreclosures in Brooklyn was virtually unchanged versus last month and was about 40% down from last May’s peak of 63, according to a report just released by Propertyshark. Queens and the Bronx rose 9% and 13%, respectively, while foreclosures in Manhattan ticked up from a total of 10 in October to 12 in November. The percentage of foreclosures per household in New York City is still a fraction of that in Seattle, Miami and Los Angeles, the other three cities tracked by PropertyShark. Surprised that the numbers aren’t worse for Brooklyn?
November 2007 Foreclosure Report Issued By Propertyshark [PRWeb]
moved in to a new condo building last year.. basically top of the market. there were 2 resales this year and both were sold for significantly more, one just 3 weeks ago.
neither were even flippers – had to move for significant life changes… so, a decent place is fine.
anything not so great and over priced … maybe a different thing.
I have to laugh at these silly posters calling for 60% drops in prices. Put on your reading glasses and look at the numbers. 63 total forclosures, not 6300 or even 630, just sixty three in Brooklyn, and this is off of the peak. Face facts you parasites looking for a crash to gawk at, it’s not happening. I’ve posted time and again that no matter how hard you hope for it, the worst of it is over, even the feds are predicting that a recession will be avoided, boo hoo hoo for you.
I know there are many here who were planning their holiday festivities around kicking investors and homeowners as they lost their homes but the numbers cannot be denied. Common sense will tell you that there will continue to be foreclosures as before, as there were even during the boom years. 2008 will come and then spring time and folks will look around and say, gee, what the hell have I been waiting for this past year, listening to bozos telling me the sky was falling, let me just get into a house already and get it over with. The tide and the slimeballs who accompanied it will recede and New York City will still be here as always. And I will be here to remind all about these lowlifes with their shaudenfraude.
While a drop is expected, that seems overstated. What is your information based upon?
NYC-centric people who are fortunate (and wealthy enough) to own real estate here, listen up…
Manhattan and Brownstone Brooklyn too, are about to be smacked with the greatest downturn in prices in City history, with prices falling as much as 40% – 60%, so hold onto your hats people, this ain’t going to be pretty!
am i reading this right? it looks like brooklyn foreclosures peaked in march of 2006, well before everyone was squawking about the huge numbers of foreclosures. what’s up with that?
“NY city is a real estate anomaly and people like The WHAT just don’t get it. It is the same think with Tokyo and London. Property is just too valuable here. There are a lot of people here with lots of disposeable income. It is not the same in other parts of the country.”
“It’s different this time” and ” Everybody wants to live here” Famous last words. Every bubble thru out mankind, some asshole parrot these words.
“Foreclosure Trend In Brooklyn: Flat to Down”
No home boy, this shit is picking up steam! Here is a post from Broker s Outpost. This where Mortgage brokers kick the willy bobo. It’s very hard to place Jumbo loans (over 417k)
Posted – 12/06/2007 : 12:23:54 AM
I just received a letter from Indy. It was a spread sheet showing loans that I have sold Indy that have deliquincies as of 10/31/07. I foreclosure from a 3yr seasoned loan that had a 29% ltv at the start of the loan. 1 30 day on a 1 yr old loan and another loan with a 30 that I just refinanced away from Indy.
So the letter goes on to state we appreciate your business but we reserve the right to investigate any loan during liquidation or etc… If there are errors on the application we reserve the right to ask for repurchase etc….
See assholes, there are things going on in the Mortgage world. Things like this will have an IMPACT on you getting a Mortgage.
Here read this also, Foreclosures are SPIKING!
Bill Coming Due on Sinking Home Equity
http://biz.yahoo.com/ap/071205/homeownership_myth.html?.v=3
The What
Someday this war is gonna end….
Fact is: When the economy turns downward, those with money still have it, those without suffer. This chart and the last one only points out that afluent areas are not getting hammered, while blue collar and immigrant areas are. Manhattan is not affected and the areas getting hurt in Brooklyn are NOT PS, BH, CG, but Bushwick, Crown Heghts, Canarsie, etc. You ever here some wealthy person say they are not buying that Louis Vuitton bag this year because the economy is in the toilet? Or how about “I put off my summer in the Hamptons”? Someone dropping a couple of mil on a brownstone in the previously mentioned areas usually can afford it, while some two-three job hardworking family is struggling because they got duped into a questionable loan and are dealing with getting thrown out of their 300-400K single family woodframe they commute to work over an hour from. Sucks.
What this graph says to me is that people first rushed to buy in Brooklyn because it is the outer borough of choice and therefore its foreclosures came first…only when Brooklyn became too expensive for sub-prime buyers did they turn to Queens, hence its burst of foreclosures started later than the one in Brooklyn. Staten Island was the cesspool of last resort–hence it lags behind even Queens and the Bronx.
I am not surprised. Especially when you consider the areas in Queens with the bulk of the foreclosures. These areas in Queens have a high percentage of non-descript single family homes that are located in two-fare zones. Even in a good market they don’t sell as quickly as houses in Brooklyn. Many homes in Brooklyn are two or three family leaving owners with more options as far as income.