Foreclosures Migrating Up the Value Chain
“Recent statistics indicate that distress is creeping into gentrified neighborhoods like Williamsburg, Greenpoint, Fort Greene and Brooklyn Heights now, too. The Williamsburg-Greenpoint area saw a 141 percent quarterly increase in foreclosure filings during the first three quarters of 2009 compared to 2008, while Fort Greene and Brooklyn Heights saw a 71 percent jump.” — The…
“Considering Billburg/Greenpernt sales were mainly condos where the downpayments were made by the parents, I’m finding it hard to interpret this data.”
Maybe children and/or parents lost their jobs or investments and couldn’t meet the monthlies? That’s what happened in “One Fifth Ave” by Candace Bushnell, remember? Love that book.
Its a sad day in Brooklyn! Speculators left holding their overpaid homes and the value continues to go down. Government for where arth thow to help these poor speculators stay in “their” homes.
Unpossible.
From the story: “1. 737 Drew Street, Lindwood: $86,000
This dilapidated two-family home with boarded windows was purchased in 2006 for $585,000. Its primary mortgage of $506,186 was auctioned in November for $86,000, but the sale hasn’t been finalized and it’s unclear if there is a secondary mortgage left on the property, which a neighbor said is filled with water and raccoons.”
I’ve gotta see these aquaraccoons
Considering Billburg/Greenpernt sales were mainly condos where the downpayments were made by the parents, I’m finding it hard to interpret this data.
Oh yeah baby!
BUT WHAT DOES THE PRE-FORECLOSURE/LIS PENDENS GRAPH LOOK LIKE SINCE 2006?
Been asking this question for months with no response (I aint payin’ that ridiculous PShark subscription fee). In NYC, bonafide foreclosures mean jack doo doo about real shadow inventory ’cause they take FOREVER. Pre-foreclosure happens in an instant when your, what, 30-60-90 days late?
***Bid half off peak comps***