Foreclosures: Same Book, Different Cover
This colorful map, published yesterday in New York Magazine, doesn’t tell us anything we didn’t already know, but it does it with better graphic design. The bottom line’s the same though: Bed Stuy, Crown Heights, Canarsie, East New York and Brownsville are all getting whacked the hardest by the growing wave of foreclosures. The red…
This colorful map, published yesterday in New York Magazine, doesn’t tell us anything we didn’t already know, but it does it with better graphic design. The bottom line’s the same though: Bed Stuy, Crown Heights, Canarsie, East New York and Brownsville are all getting whacked the hardest by the growing wave of foreclosures. The red zones all represent zip codes with at least 150 foreclosure filings.
Artifact: Foreclosed [New York Magazine]
The What chose someone who was fiscally irresponsible as an example of what is wrong with the housing market. If anything, he pointed out that some home owners can’t control their spending. What this has to do with the current state of affairs is debatable, but such people have always existed and always will. The news media doesn’t report on these people when times are good, but crazy people like The What can’t disect the news he is receiving to understand how it should be interpreted.
Some day The What is going to get wise.
Mr What not – What’s crashing down around our heads is your misplaced logic. 2:27 and the subsequent posts have torn your argument to shreds.
Leave the scare-mongering tactics for the Giuliani and the Republican National Convention.
today’s prime non jumbo 30 yr fixed rate is 5.75%. jumbo is 6.625%. apparently the world is not coming to an end, at least not as of today.
i too moved directly to the city after college (literally, the next day). i started in Chicago, then moved to NYC. I also bought real estate.
And, like the other big trend, when i got married and had a kid, i stayed in the city.
no plans on leaving ever.
not sure what the What wants me to do, but i’m going to get up and go to work everyday and then pay my bills, including my mortgage, and just keep on enjoying my very good life here, in my very nice condo.
Mr. the What – am i just supposed to shoot myself or become instantly miserable? don’t get it…
3:21 and 3:36, great for you. have you ever studied statistics? anecdotal observations are not trends. you are outliers. and didn’t you see the press on artists being pushed out too? there go the creatives. i have been in nyc for 5 years, work on wall street (equity analyst), save much more than i spend and still can’t comfortably afford a starter apt in park slope. no shit.
3:22
Do the research. In many, many cases you’ll find un-savvy people who used their home as a piggy bank taking out HELOC after HELOC. Most of these people were given property from family or bought a long time ago.
But in almost zero of the cases I’ve seen, these buyers have received very little discount. I’ve tried this form of arbitrage, and it’s a waste of time.
The upside is that when these unfortunate (some would say irresponsible) people are forced to sell, most of the neighbors welcome the buyers who are much more responsible property owners.
I think The What needs to get out more during the day.
I’m not suggesting anything as radical as getting a job or anything like that, but maybe just step out and talk to people once in a while. Spend some time away from the media outlets and especially from the business news.
The center of the country over 55 is moving south and westward.
Not the young, aspiring professionals of the U.S.
Trust me. They did a study some time ago about graduates from Yale. Something like 70% of them end up moving to New York City directly after graduation.
This is the place to be for those with drive, those who work in the creative fields, those with interest in Finance, etc.
No one out of Yale says…GOD…I REALLY want to move to Phoenix.
And no, I didn’t go to Yale…
“This happens to be concentrated in areas with people with lower levels of education.”
Really? The amount of education? How about GREED and STUPIDITY???!!! Education has nothing to with greedy little fucks who thought they was going to make a killing from REAL ESTATE. And now it’s crashing around their heads. I feel like that Aflac Duck.
The What
Someday maybe I get a job…..