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]
i don’t agree, 3:08. i moved here directly out of grad school. as did every one of my friends. no, they haven’t all bought real estate but they don’t want to live anywhere but here for now.
anyone remotely liberal has no interest in the south, and the west ain’t a lot cheaper than here.
most people i know from the east coast prefer living on the east coast to the west, from my experience.
and btw, i have yet to be out of school for 10 years and i am now a homeowner in park slope.
and i work in the arts.
and my parents aren’t funding me.
2:59, that is nice. but people right out of college can’t afford nyc real estate (or even 10 years out for that matter), so it doesn’t really apply here. that is why the center of the country keeps drifting further south and further west every day. what you’re talking about is probably happening, just not around here.
Great post, 2:27.
Everything you said about the reverse migration back to cities is very important in this equation. I agree with you. People graduating from college these days no longer migrate soley to the suburbs where there parents live. They want something different…something with vitality. More often than not, that life comes in the form of an urban environment.
This, along with the impedning “green” revolution, I see the migration back towards cities and the closer in dense suburbs will only continue to roar forward over the next decade or two.
We simply don’t have the resources (or the demand) to continue ruining the land 45 miles, 60 miles outside of these cities any longer. It’s time for a different way of thinking.
Does The What really exist?
Hey Chicken Little, the sky may in fact be falling but you have no credibility, so why should I (or anyone) believe you. If you want to be helpful, own your statements and stop making anonymous rants.
Otherwise, it’s impossible to take you seriously.
greater detail on zip codes makes no difference. the fact remains that foreclosures are up in a neighborhood near you (and will continue to increase).
the whatnot
If you pay close attention, you’ll notice that most of the foreclosures are by longer term homeowners who consistently pulled money out of their appreciating homes and very unfavorable rates. This happens to be concentrated in areas with people with lower levels of education. Yes, that would be a a problem in the absence of demand. But in the case of Brooklyn and NYC in general, those people are still able to sell at a price similar to the last appraisal. Someone like ‘the What’ has some of the big picture right, but he’s missing the trees for the forest. And yes, banks are more than willing to lend to customers with good credit and a decent chunk of money in the bank. NYC’s vibrant economy has and will be producing this group en mass.
Architects and planners have been talking about the reverse migration of the echo generation and empty-nesters for the past 7 or so years. It accepted that this demand trend is shifting the growth focus of the built environment. Urban Infill and denser residential/mixed-use development is what is being demanded now and all parts of the real estate industry understand that (yes, even banks).
So, while Real Estate values at a national-level has sunk, there are different stories within cities as simple as Phoenix. Downtown areas (& especially areas around the new light rail) have held their values after the price surge, while suburban sub-divisions have been crushed. Even simple national media outlets understand this and the differences between cities on the demand side. http://money.cnn.com/2007/11/30/real_estate/redhot_markets.moneymag/index.htm?postversion=2007120210
In regards to ‘the Whats’ gloom and doom scenario: There has been a huge shift in the prevailing thought about what the government’s role is in a financial crisis since 1930. Could there be a recession? of course, depression, we’ll as Nixon once said, “we’re all Keynesians now”. Even the Republicans can live with big budgets and ever party can live with deficits in the short-run.
Price declines are possible anywhere, but don’t let the scare mongers lead you to believe that our 200+ year old institutions are not effective anymore or that we haven’t learned from past mistakes.
It’s about time. I have been looking for a second investment property and have been sitting on the sidelines for a while now. Like the 80’s and through the dot com days the bubble has been building for some time. I scratched my head many times aksing myself, “How can these people afford this, these houses are overpriced”. History does and will repeat itslef. The foreclosures don’t really matter. The amount of demand does though. Spring 2008 might be a good time to jump in. Property will come back and eventually exceed these prices. We have only seen the first year of the slide and the first two years are the most drastic, so next year should be interesting. A couple of years of flat lining and we’ll be back. This is merely an opportunity to shake your piggy banks if haven’t been follish enough to get caught up in the recent histeria and have some equity to utilize.
Eh 1:39 The crash of the 90’s is a cakewalk. This Crash is a Motherfucking Clusterfuck! 3.5 Trillion Dollars of Fucked Assets. Your Pension Plan, 401k, Mutual Fund, Savings Account and any thing else is FUCKED FUCKED FUCKED FUCKED. There is no glass, it was foreclosed on. So you can say I’m full of hype but, the crash has already started. Good Bye. Hey Brownstoner please stop posting this overpriced shit, even the crackheads here can’t afford that shit.
The What
Someday this war is gonna end…
The What makes me want to buy property even more.
Just to spite him.