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]
Anyone else worried about all those forclosures in JFK airport? I’m sure these statistics could be shown in ways to tell many different stories.
I’d be interested in knowing how many are families that are losing their home due to unsavory lenders (as is often shown in the news) and how many are flippers who anticipated more appreciation this past year, mismanaged their funds, and are now cutting their losses, since they had little money down. And there are probably many stories in between.
Hey Fucktards (Yes Fucktards) Read this!
The End of Consumer Credit As We Know It
By Peter Schiff
http://dollardaze.org/blog/?post_id=00282
The cosumer has NO MONEY, NO MORTGAGE PAYMENT and NO HOPE!
It’s over over over over!!!!!!!! Look at the stories coming in today. Go to Bloomberg, CBS Market Watch and others. This is fuckety fuck fucked!!
The What <-----LMMFAO Someday (soon) this war is gonna end....
I wish the map was a higher resolution.
AGAIN,
THE ZIP CODE breakdown is not reliable.
Mr. The Vas, 11238 is a big zipcode. Once side of it, the western side, is probably doing well while the other, the eastern side, is not.
We need a much more nuanced break down…and by the way, it’s snowing in midtown right now.
Look, let’s consider: the boomlet is buying big time in residential “Brownstone Brooklyn”. They, like their parents, probably plan on staying put for that “raising the kids” timeframe. The stroller generation right now is going to be around for 10 or 15 years or MORE in these houses so the bougified nabes will be rather stable.
For example, in FG, despite the flipped properties being foreclosed in the late 80’s/early 90’s, the nabe was pretty darned stable. Nothing hit the market and people stayed put.
I don’t think people are now walking into FG and buying houses with 100% financing. This privileged crowd has resources and will “sit” it out.
Look, the built environment will continue to be valuable for the time being because materials are getting more an more expense. Also, despite the glut of stick construction in the burbs, rising gas prices and real estate taxes as well as the fear of buying a declining asset will probably make moving to these places less attractive.
10:24,
Bush has waged unnecessary 3 billion per month war while spending and spending and you worry about Democrats coming in and raising taxes? You mean like when Clinton was in office and almost everybody was BETTER off? Pathetic!
The demise of 100% financing means the demise of lots of these neighborhoods. Many buyers during the 2002-2006 boom did not have the currently needed 5% for the down payment. Yes, many people don’t have 25 grand in the bank.
Demand crashes, prices crash. Bye, bye!
The map needs to represent a 3D model of NYC/Brooklyn and to be more precise by exact address or at least by blocks. the area code is too wide a net to have any meaning. Also, due to the high concentration of people and buildings and condos taking up the same amount of space as a single unit when looking at a map like this, you could have 3 foreclosures and 300 non-foreclosures in the same spot of the map.
Greenpoint is green! We love our oil spill, and we’re not going to let any banks take away our front row seats!
Big up to The What!
The prices in brownstone Brooklyn are unsustainable. Even realtors will tell you that after they have had a few drinks.
But ultimately people get through it. A relatively small number will foreclose.
A new Democratic president and administration will almost certainly raise taxes. This will have a huge impact on NYC, the speculation capital of the world. Ultimately our econmy is built on hype. That is our chief natural resource and one of our principal exports. Slightly higher taxes will give the moguls apoplexy. They will retaliate by turning off the money taps. I have seen it happen before and that is what I predict for 2008-09.