Foreclosures Rise as Condo Prices Sink
There’s plenty of bad news about the state of the market today. First off, the Post has a report that foreclosures in Brooklyn and Queens spiked in October. Brooklyn foreclosures were up 50 percent this October over 2006, going from 815 to 1,200, according to data from RelatyTrac. (Queens foreclosures, meanwhile, shot up a frightening…
There’s plenty of bad news about the state of the market today. First off, the Post has a report that foreclosures in Brooklyn and Queens spiked in October. Brooklyn foreclosures were up 50 percent this October over 2006, going from 815 to 1,200, according to data from RelatyTrac. (Queens foreclosures, meanwhile, shot up a frightening 120 percent.) And the new development market isn’t looking all that great either, according to an article in today’s Sun. About a dozen condos across the city have slashed prices by as much as 13 percent over the past few weeks, according to StreetEasy data. In Brooklyn, there were price cuts at Bushwick’s Evergreen Terrace and The Washington in Prospect Heights. “A lot of this is about staying alive,” says Prudential Douglas Elliman’s managing director for new developments, Andrew Gerringer. “You want to hang in the game, give an adjustment to your pricing and keep moving.”
B’kyln, Qns. Foreclosures Soar [NY Post]
Signaling Cooling Market, Prices Cut at New Developments [NY Sun]
What's Your Take? Leave a Comment
“”The What is not seeming so psycho now….”
Really? So THE END is finally here? Where’s the mass hysteria, bank failures, economic collapse, housing market implosion, etc. that we were promised? I’m disappointed”
Let me explain myself. I have seen this Mutant Real Estate Bubble come into life. Like then, I said “this thing is unreal”. But the Machine keep pumping money into this shit. And now the piper wants his money back. The credit markets are getting pounded right now! The risk spreads from Libor to you is getting wider everyday. If you (dumbasses) think that cutting rates is going to save housing then, you are fucking crazy. Credit will dry up and you will not be able to get a mortgage NOWHERE! What’s happing now is the tip of the iceberg and when this thing gets really going, GOD help us all. America is toast, thanks to all the greedy fuckers out there.
The What
Someday this war is gonna end…..
“Is NYC seeing 1:555, 1:1000, or 1:250?”
Why does the ratio matter?
As long as foreclosures are rising, not falling, the downward pressure on prices everywhere is increasing, not decreasing. That is all that matters.
hey 10:30, you’re right–some people DO win the lottery. Like me. I won 200 million bucks back in 02 and my life has gone deep into the toilet since then. Drugs, hookers, ne’er do well relatives, an ill-fated hip hop record label… you name it, it happened to me. Stupidly, I took the lump sum and now I’m down to about 450K. Just hoping those condo prices keep dropping so I can get a 1BR to live out my days…
Would have been nice if the Post “article” (i.e. “blurb”)had given the percent of households in foreclosure in NYC/Boros…
“Across the country, foreclosures were up 94 percent from October 2006, the RealtyTrac numbers show. With a total of 224,451 filings, the national rate for the month was one foreclosure for every 555 households.”
We don’t get an idea from the blurb if NYC is experiencing one foreclosure for every 555 “households” (“household” is misleading b/c it is used by the census to mean either an owned or a rented residence). Is NYC seeing 1:555, 1:1000, or 1:250?
Anyone have the figures?
12:11,
That will not happen until Atlantic Yards is built which, as we’re constanly reminded here, will make EVERYTHING worthless and trigger the end of western civilization 😉
“The What is not seeming so psycho now….”
Really? So THE END is finally here? Where’s the mass hysteria, bank failures, economic collapse, housing market implosion, etc. that we were promised? I’m disappointed!
100% ltv = loan to value = a loan for the entire purchase price.
And no 300k doesn’t buy much .. but 300k + 300k down does, and my guess is many people who look for mortgages wouldn’t consider FHA if they are doing something like that.
Now if only some of the individual sellers who actually have brownstones to sell will realise that their house isn’t worth nearly what they think it is we will be ok. Just because someone down the street sold for X last year or the year before does not mean your house is worth X or X + 10% now. Sellers, take a look at the professionals and cut your prices.
9:17, what’s “100% ltv” mean? Sorry, I just don’t know all these terms. And what are rich people or anyone else going to get with only 300k and change. Doesn’t seem like enough to buy much these days.