New Report Says Brooklyn Foreclosures Up 27%
Another week, another new set of abysmal foreclosure stats, this time from RealtyTrac via a report in the Post. RealtyTrac’s numbers for the first quarter of ’08 show that one in every 241 Brooklyn homeowners is now in the foreclosure process, more than double last year’s rate. New York-area foreclosures are up 34 percent. RealtyTrac’s…
Another week, another new set of abysmal foreclosure stats, this time from RealtyTrac via a report in the Post. RealtyTrac’s numbers for the first quarter of ’08 show that one in every 241 Brooklyn homeowners is now in the foreclosure process, more than double last year’s rate. New York-area foreclosures are up 34 percent. RealtyTrac’s data takes into account that the city’s foreclosure process is very long, and a company rep says we probably haven’t reached the bottom yet. “We are still waiting for the other shoe to drop,” says RealtyTrac spokesman Daren Blomquist. Rep. Nydia Velazquez says more of her constituents are calling her up as rates rise on their ARMs. “They call because they don’t know what to do,” she says, also noting that she expects the situation to get worse. RealtyTrac’s report on New York foreclosures differs substantially from Property Shark’s first quarter report, which said there had been a 66 percent rise in the number of new foreclosures scheduled in New York City in the first quarter of this year. The difference in stats may be rooted in the fact that Property Shark only tracks new foreclosures. Either way, the news ain’t good.
Metro Foreclosure Rate Soars 34% [NY Post]
Graphic from the Post.
“To The What:
Last call. I’d love to talk to you for a piece I’m writing for New York magazine about real-estate blogs and their commenters. We can talk on/off the record. I’m not so interested in your identity, just your opinions.”
Here is one opinion Adam, Go fuck yourself. I’m NOT interested!!! I’m not going to be misquoted. I bet you didn’t do any “research” into what I posted. I don’t need to voice my opinion, the upcoming crash will do that for me. The last time Adam go fuck off!
The What
Someday this war is gonna end…
“if it’s double last year’s rate, why is the increase not 100% as opposed to the 26.6% shown on the map?”
Ahhhh, good question, ‘Native. There are now fewer homeowners in Brooklyn to divide by which means inventory is up. The smart money has snuck out.
OMG, 2:18 is my new BFF!
Anyone who uses the phrase “omg” is immediately discredited in my mind.
“Someone should be fired over how poorly written and fact-checked that post article is.”
Absolutely. This does not in any way support our soft landing prediction.
“9:22 — if you oppose the bailout — go to angryrenter.com”
9:43 — if you support the bailout — go to underwater.com.
Bloop, bloop, bloop…
“Yes if I had signed a legally binding contract that turned out to be not so smart I would call my congressman for a bailout, why take personal responsibility for your own actions?”
Because the lender and broker told me RE only goes up and that I could refinance my way out. It would be very inconvenient for me to take responsibility.
Besides, even if I was way ahead in equity I would have still called my congressman and gave back all my gains the minute I learned of the bad loan. I am a very ethical borrower.
“I work in the arts and am not even 35…”
OMG, nothing but reruns on this channel.
Kthxbye.
“They call because they don’t know what to do”
Oh yes they do.
“It’s called the WALK, the WALK, just let yo’ body talk…” – Morris Day and the Time