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.
when i started reading this Blog i tought The WHat was a nut( and I still do to a certain extent). But I have to say all you people in denial that Brookly nprices are in the process of a huge correction sound even crazier. I just went to that Natefinder website somebody posted with all of the reductions in Brooklyn and how long they have sat on the market. I really like Brooklyn a lot and I was considering the move over from Manhattan. I sold my place here in 2006 and I RENT. I will buy in an established area but not any time soon. Did you guys know that the rents are coming down in Manhattan and the inventory is growing rapidly? This blog is still in denial. And for all you people who think renting is so bad, I think you are about to learn that owning real estate in a downward market is not the best option.
WHO CARES ABOUT THE NETS???!!!
NO ONE WANTED THEM HERE IN THE FIRST PLACE!!!!!!
“Were you there, 11:11? My good friend is somebody who GREW UP IN PARK SLOPE DURING THE 70’s.”
Yes, I was here. And your point was that NO ONE in Manhattan thought Brooklyn was worthy. You said nothing about wealthy people or moderate income arts professionals. Your blanket statement was “Ask somebody who was living in Manhattan in the 70’s if they separated out the good neighborhoods of Brooklyn from the bad. They lumped all of Brooklyn together.”
And that simply is a lie.
MANY arts people in Manhattan considered these neighborhoods viable. Park Slope was a lovely neighborhood in the 70’s. There were parts that were rough down by 6th and 5th Avenues, but many areas of it have always been quite lovely. That’s why THOUSANDS of people bought homes there. Starting in the 60’s actually.
Why are you all the sudden changing the subject and attacking people you know nothing about?
Sounds like you are the one who needs to see someone, my friend. I’ve never popped a pill in my life lady. Stop projecting and maybe go get laid this weekend. I think it will help you.
“You are even more of an idiot than I ever though, The What.”
You are responding to one so what that make you?
“Honestly your rants are so idiotic, it’s not even funny.”
The lets refute them without a ad hominem attack.
“There are PLENTY of people who still make decent money and can afford homes.”
That overpays to become Homedebters. The rising of energy prices are hurting their bottom line.
“The people in trouble right now make up 1% of the U.S. population.”
It’s more than that, maybe you should leave NY for a while. travel to other parts of our great nation.
“Stop spreading lies.”
Like the one about Ratner is taking the NETS to Newark NJ? Boy that was a whopper, huh.
Remember this.
All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident. – Arthur Schopenhauer
The What
Someday this war is gonna end…
Were you there, 11:11? My good friend is somebody who GREW UP IN PARK SLOPE DURING THE 70’s. She says her parents friends thought they were crazy for buying a brownstone in a “ghetto”. Yes the people buying brownstones were in the arts but they were so not rich. Hardly. It’s why Park Slope attracted artists in the first place, because it was not expensive and they could get more studio space for less money. Which is you know, sort of the exact same reasons people are buying in the dreaded fringe areas now. Those working in the arts and academics don’t usually have $3 million for a house.
Keep to your gloating and crowing and bragging if you want, though. Maybe you need that elitist feeling in addition to your prozac to feel good about yourself.
1 in 241 in foreclosure process means a 0.4% rate. I know that’s headed higher but compared with the really rotten parts of the real estate market (FL, S CA) it’s nothing.
Did you just wake up over there in NJ? Late night out??
Tell us more of what you know about major banks and their capital restructuring??
You are even more of an idiot than I ever though, The What.
Honestly your rants are so idiotic, it’s not even funny.
There are PLENTY of people who still make decent money and can afford homes.
The people in trouble right now make up 1% of the U.S. population.
Stop spreading lies.
People the stats are worse than this. Some banks are NOT foreclosing because the don’t want the drag on their balance sheets.
The high cost of food and energy is killing everyone. Regular is about 3.70 a Gallon and this put pressure on people to cut back. Restaurants are getting pounded because people are not eating out and getting laid off.
Remember I told you that major banks are insolvent and going around the world looking for capital? Very soon the will be a major bank failure. Wachovia, Citibank, UBS and tons of smaller banks are about done. A friend of mine was laid off recently. 23 years on the job and to make matters worse they laid off his whole department! He told me that the FED has been bailing out these clowns ofrthe last 4 years. With this backstop the banks have engage in this reckless lending again. Thats why housing prices are staying up here. They are loaning money to people who have not clue what they are getting in to.
If you want to read a good book on whats the fuck is going on check this one out.
The Naked Capitalist by W. Cleon Skousen
The What (Carry on my Wayward son)
Someday this war is gonna end…