Foreclosures Up Across City, Brooklyn
NYU’s Furman Center has released its foreclosure data for the first quarter of 2010 and the numbers ain’t pretty. New York City as a whole experienced 4,226 foreclosures, which was an increase of 16.3% over the same period a year ago, reports The Wall Street Journal. Brooklyn and Queens were the worst-hit boroughs, racking up…
NYU’s Furman Center has released its foreclosure data for the first quarter of 2010 and the numbers ain’t pretty. New York City as a whole experienced 4,226 foreclosures, which was an increase of 16.3% over the same period a year ago, reports The Wall Street Journal. Brooklyn and Queens were the worst-hit boroughs, racking up more than 70% of all foreclosures; Queens had 1,556 and Brooklyn 1,546 versus just 164 in Manhattan.
I am watching DIBS but I won’t make any comments Enjoy!
The apartment I just moved out of was in a house that has been in foreclosure for 15 months.
In that time the price has dropped from $680K to $550K.
The bank doesn’t want it. Nobody wants it.
It’s actually in a decent neighborhood (if you like like chicken bones on your sidewalk.)
f) All of the above (will you be my friend, anticap?)
🙁
DCB,
I thought Stuy Town had just one defaulted mortgage written to by Blackrock/Tishman Speyer, or maybe just a few. How’d only 23 units fall into foreclosure?
So, what’s up with the preforeclosure list? Nobody knows how many “desireable brownstones” are on it. Unless DIBS, I or anyone else can post it, we’re all in the dark. But we DO know that an upward trend continues to grow in Brooklyn.
***Bid half off peak comps***
Nice to know our enlightened leaders have fixed Fannie Mae, et al to prevent this from happening in the future.
Oh wait, they haven’t: CRA, and all the government coercion and enticements are still out there.
Maybe the poor who can’t afford a mortgage can’t afford a mortgage?
Batten down your hatches…this isn’t over.
Stuyvesant Town was the biggest Real Estate Boo Boo in history. These listings are actual foreclosures. The pre-foreclosure list is very large.
DIBS is right that these are usually trash. First of all, people who get foreclosed on generally are not too happy about doing repairs or maintenance. Second of all, the banks are foreclosing on the worst first.
Still, it is all part of the market and it’s effect will be felt.
foreclosures are not a leading indicator.
*what am I missing?*
sorry i am taking the bait. choose from:
a) half a brain
b) the ability to change your mind
c) facts
d) friends
e) a home to call your very own (in 30 years).
😉
“these foreclosures aren’t occurring in anything you and I and most of the population (especially in NYC and even more so in brownstones)are interested in”
Uhh…um…er…there were 15 between Park Slope and Caroll Gardens. And these were the ‘hoods with the lowest numbers. God knows how many there are in all other ‘hoods of the brownstone belt.
Are these just bonafide foreclosures or do they include lis pendens. Where’s the actual report and breakdown for all zip codes???
Interesting that Stuyvesant Town beat out East Harlem 23 to 4. How’d that happen? What am I missing?
***Bid half off peak comps***
m4l, you and I both know that these foreclosures aren’t occurring in anything you and I and most of the population (especially in NYC and even more so in brownstones)are interested in.
Brooklyn and Queens are very large and there is a lot of crap out there, we see it all the time.
The only one I’ve run into was the one on jefferson Ave and another on Decatur…the former needing a gut rehab and the latter with tenant issues.
DCB, should I go get DIBS to come over here?