Foreclosures in Brooklyn Up Slightly But Still Low
The number of foreclosures in Brooklyn ticked up slightly in May, according to PropertyShark.com, a trend exhibited in Queens but not the other three boroughs. The 21 foreclosures in Brooklyn last month was the highest number since November though well below the monthly average for 2008. Meanwhile Queens continued to dominate the city’s foreclosure scene…
The number of foreclosures in Brooklyn ticked up slightly in May, according to PropertyShark.com, a trend exhibited in Queens but not the other three boroughs. The 21 foreclosures in Brooklyn last month was the highest number since November though well below the monthly average for 2008. Meanwhile Queens continued to dominate the city’s foreclosure scene with a total of 201; May also marked the first time that the top 15 zip codes for foreclosures were all in Queens. Brooklyn’s per household foreclosure rate remains a low 0.002% as compared to 0.001% for Manhattan, 0.004% for the Bronx and 0.017% for Queens.
The chicken–that’s the genius of Team Reasonable!
I’m on Chicken’s team – Team Realistic
Posted by: more4less at June 3, 2009 9:25 AM
“Team Realistic”–Is that Chicken’s team? Sounds like my team, Team Reasonable. The sky is not falling, but neither are the green shoots proliferating. As always the truth lies somewhere in the middle in reasonable terrainl.
Posted by: wasder at June 3, 2009 9:33 AM
Somewhere along the way I got my own team?! I’d already signed up to Mopar’s Team as it’s the ultimate winning team.
I mean, how are you going to go up against Team Reasonable? Team Obstinate? Team Unaccommodating? Team Difficult? See? You just can’t!
Sheeple = hoary cliche used to explain why everybody is doing the opposite of what the speaker says they should.
Now you’re talking, BHO. That’s the right question. Of course, not all lis pendens are foreclosures. Also covers many types of title disputes. But lis pendens trends over time would be a decent rough guide, I imagine. Would tell you if there is a likely spike down the road.
P.S. I don’t know the answer, but would be curious.
What does the Brooklyn lis pendens graph look like over the same time period? I’m not paying property shark $200 or whatever it is. Anyone? Brownstoner?
***Bid half off peak comps***
What,
I once edited a lengthy academic article dealing with Austrian School economics. Not a new topic for me. Creative destruction and all that. I’m not buying a bear view or a bull view based on anyone’s theory. I’m more interested in data points and what they tell us. And there are multiple arenas to discuss. For example, if we are discussing local RE, discussions of national trends in unemployment might have some, but not near total, bearing on topic. So, if we are discussing local RE, I am most interested in what foreclosures, comps, local C-S etc. are telling us. If we are discussing national economy, stock market has more direct bearing (indirect bearing on local RE to the effect market trends will affect RE demand). What I find difficult with you is you give equal weight to anything supporting your view, no matter how directly or not it may bear on the topic at hand, and you tend to ignore, rather than wrestle with, data that contradict your view (and you change the subject a lot).
My view, which is different than yours, is that there are many moving parts and they do not move all in teh same direction or at the same time. If all indicators were in a sustained lengthy free fall together, I might come around to your view. It just doesn’t look that way now. My best guess is, some sustained pain in employment and national housing/foreclosures, and some signs of a slow and modest turnaround down the road. But I don’t profess to have any special knowledge or insight. I think part of DIBS’s view is that there are opportunities in all this and you miss them at your peril.
Mostly, I am more like wasder, enjoying my home with my family, not worried about foreclosure, but worried about how hard the downturn has been for some and how long it will last.
Just passing through…What, you know…the war will not end any time soon. One of the greatest flimflams of the kleptocrats has been to foster the illusion among all classes beneath them that they too will amass unearned wealth on their level. Basic psychology, pandering to people’s aspirations, who in turn despise people lower on the totem poll then themselves. What they’ve missed is that real wages have not just stagnated, they regressed during the boom, adjusted for inflation. That’s why easy credit was so critical. “Hallucinated wealth.”
Slopefarm look at the psychology.
“What is amusing at times and like usual scam artists throws around the odd fact here of there in a vain attempt to prove authenticity.”
Behavioral economics
http://en.wikipedia.org/wiki/Behavioral_economics
Behavioral economics and behavioral finance are closely related fields that have evolved to be a separate branch of economic and financial analysis which applies scientific research on human and social, cognitive and emotional factors to better understand economic decisions by consumers, borrowers, investors, and how they affect market prices, returns and the allocation of resources.
The field is primarily concerned with the bounds of rationality (selfishness, self-control) of economic agents. Behavioral models typically integrate insights from psychology with neo-classical economic theory. Behavioral Finance has become the theoretical basis for technical analysis. [1]
Behavioral analysts are mostly concerned with the effects of market decisions, but also those of public choice, another source of economic decisions with some similar biases towards promoting self-interest.
The Kleptocracy knows this very well and can shape opinions about asset prices but the benefit goes to the Big Boys and not the suckers!
Kleptocracy
http://en.wikipedia.org/wiki/Kleptocracy
Kleptocracy: Sometimes cleptocracy, occasionally kleptarchy, is a term applied to a government that extends the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats) at the expense of the population, sometimes without even the pretense of honest service. The term derives from the Greek root klepto (theft).
The What (Class dismissed)
Someday this war is gonna end…
did the what make up a new word: “sheeple”?
I love it actually.