Foreclosures Not Just for Sub-Prime Nabes Anymore?
For most of the last 18 months as the real estate market declined and the number of foreclosures rose it was unusual to see a property anywhere west of Classon Avenue show up in Property Shark’s list of weekly auctions. So we were interested to see the line-up for this Thursday at Kings County Courthouse:…
For most of the last 18 months as the real estate market declined and the number of foreclosures rose it was unusual to see a property anywhere west of Classon Avenue show up in Property Shark’s list of weekly auctions. So we were interested to see the line-up for this Thursday at Kings County Courthouse: Among the usual smattering of addresses in Bed Stuy, Bushwick and elsewhere were 426 6th Avenue (Park Slope), 325 Clinton Avenue (Clinton Hill), 40 Remsen Street (Brooklyn Heights) and 451 State Street (Boerum Hill). Statistical anomaly or a changing of the tide?
Maybe a typo on the street number? Mr B, can you check?
Losing 451 State Street couldn’t happen to a nicer person:
http://onetenant.blogspot.com/
Based on PropertyShark info, I believe 426 6th Ave is the carriage house at the left edge of the above photo. I always coveted that place.
The multi-unit building shown above is 420 6th Avenue, not 426.
agreed maly. except it’s relatively easy to check the history of a ppty so you can see if the ppty changed hands in 07/08 or was mortgaged to the hilt via cash-out refis.
in case of 426 6 ave, something strange is going on. it’s never been listed and there’s virtually no mortgage activity at all. maybe an absentee owner w/o family/kin passed away?
as a nuanced and subtle person i feel both bad for the homeowners for their loss, and happy for myself and others priced out because of the housing price inflation.
325 is indeed an individual unit.
I think it’s a natural development of a declining market. At first, you have people with zero equity ( either because they borrowed 100%ltv initially, or because they used their home as a source of cash), then you have the second wave: people who have put down a downpayment which was erased by the decline.
People get sick, lose their job, get divorced or widowed, there are many ways to have a catastrophic loss of income. When that happens, if you owe more than your home is worth, there is no incentive to sell. You might as well ride the red tape for a year, at least you’re not homeless.
I agree with Brokedeveloper, it’s not going to be like Vegas or Phoenix, we had much fewer speculative long-distance investors, but still I would think it’s going to get worse before it gets better.
suck on this, antidope!
Luxury Homeowners in U.S. Use ‘Short Sales’ as Defaults Rise
http://www.bloomberg.com/apps/news?pid=20603037&sid=aQED_96QBBkk
Dec. 17 (Bloomberg) — Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers.
“The rich aren’t as rich as they used to be,†said Alex Rodriguez, a Miami real estate agent with JM Group USA Inc., whose listings include a $2.9 million property marketed as a short sale because the price is less than the mortgage, leaving the bank with a loss. “People have reached the point where they can’t afford the carrying expenses of a $2 million home.â€