Foreclosures Down In All Five Boroughs
Property Shark released its foreclosure data for the month of July, and while it looks encouraging on the surface, the real estate website’s CEO it’s just a headfake: “To me this is the lull where we’ve — psychologically speaking — felt like [we were] coming out of the recession and that’s why we see those…
Property Shark released its foreclosure data for the month of July, and while it looks encouraging on the surface, the real estate website’s CEO it’s just a headfake: “To me this is the lull where we’ve — psychologically speaking — felt like [we were] coming out of the recession and that’s why we see those numbers down,” said Bill Staniford. Brooklyn’s 8 percent decline in new foreclosures last month was actually the lowest of any of the boroughs, with Staten Island down 57 percent, the Bronx and Queens off 44 percent and Manhattan down 30 percent. “Brooklyn pretty much avoided the last [foreclosure crisis] because it’s a hot area,” Staniford said. “But it’s not going to escape this one.”
Despite July Lull, More Foreclosure Pain Imminent? [TRD]
“Foreclosures are not a concern in NYC.”
Right. Our banks/financial firms here on Wall Street are totally not affected.
ishtar @ 10:21 NAILS it. Short sales are the underground rail road for what would otherwise be foreclosures in other states. Either way, Brownstone Brooklyn is fucked.
***Bid half off peak comps***
The only reason foreclosures remain so low in NY is because the court process can take at least a year. This gives owners plenty of time to get things in order and find a buyer, short sale or otherwise. If you come across a house in NYC that’s a foreclosure, beware. There is something seriously wrong with the property that’s not an easy or cheap fix. Most states don’t have laws that drag out foreclosures. It’s done in a matter of months.
Foreclosures are not a concern in NYC. On a national level the issue is critical.
“A double-dip will strike the New York City housing market in four to eight months…calm before the storm…recovery may be more imagined than real.”
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***Bid half off peak comps***
I mean 2008 to 2009.
Which last foreclosure crisis? The one we just had following Lehman in 2008?
Brooklyn didn’t escape it. It had either the highest foreclosure numbers or the second highest (after Queens). Not all distressed properties in NYC make it to foreclosure. Many are short sales. When we were looking in 2006 to 2009, nearly every property we saw was a short sale.
data opposite of prediction.
of course they are down! the government has deemed this century’s new welfare class as the home owners :-/
*rob*