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.
“we probably haven’t reached the bottom yet”
Grammatically, that would be top.
by work, i think she meant text all her teeny bopper friends to tell them to all meet up at olive garden for dinner.
11.52 you used “OMG”. Accordingly, your claim that you have to work is untenable, you are clearly a 16 yr old girl.
Which is exactly why I give extra credit to those people who stayed and came to these neighborhoods to make them what they are today.
Remember that next time you talk shit about someone from Park Slope. Lots of folks there are partially responsible for your brownstone being worth 2 million dollars today.
Many, may folks worked hard to make these neighborhoods better. It wasn’t just a fluke.
The new residents seem very unaware or unappreciative of the past.
(If this is a duplicate post, I apologize in advance.) So, if I may put in my two cents…I grew up in CG (since the 1950s), and I can tell you that during the 60s and 70s, most people in what we now call Brownstone Brooklyn were fleeing for Staten Island and Long Island. Brooklyn was looked down upon in no uncertain terms. When my parents bought in 1975, CG, of all places, was RED-LINED….can you believe it? They almost didn’t get a mortgage for that reason. So the above posters are correct. It was the hard work and determination of those who STAYED that resulted in what Brooklyn is now, for better or for worse, depending on your point of view.
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.
Please contact me at:
adam (dot) sternbergh (at) nymag (dot) com
To other posters here: I put out a general call awhile back in the forum and got a good response, but if you’d like to chime in, please also contact me at the email address above. Put Brownstoner in the comment line.
Thanks,
Adam Sternbergh
“What do you think is going to happen after sep when the peak season is done”
I think that what happens every ten years or so will happen, just like it always does.
The economy does up and it goes down. Your suggestion that this is the end of the world is absurd, short-sighted and asinine.
Did YOU know that at one time, the inventory in NYC was around 100,000??
So here is my question for you…how long have you lived in NYC? 6 months? a year???
“11:48 – based on your post, perhaps you should have stated artists OVER 45.”
Huh? I’m not yet 40.
11:44 This is the start of the peak season and they are not filling up the apts. Rents are off about 7 percent from this time last year. The banks and law firms are not hiring as many people as they were but they have built the supply and huge rental dev. are coming online over the next year. What do you think is going to happen after sep when the peak season is done? Inventories for sale are ramping up as well. Manhattan is almost at 7000 units. Did you know that? So my question to you is what planet aare you on?