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.
Gabby,
You wrote “RealtyTrac’s data takes into account…”.
Please note that the word “data” is the plural form of the word datum. It should therefore be “date TAKE…”.
It drives me crazy how consistently people get this wrong.
“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.”
That is a completely false statement. The gentification of Park Slope, Carroll Gardens and even to a lesser extent, Prospect Heights, Clinton Hill, Ft. Greene were all seeing a huge influx of arts professionals and the like from Manhattan during the 70’s.
You people who say that gentification of Brooklyn began in the 90’s are IGNORANT.
Plain and simple.
Maybe when the banks start trying to unload all the properties they foreclosed on, prices will drop enough that people with non-hedge fund incomes can afford to buy without taking out a ‘financial crack’ mortgage.
Potentially good news for people with modest incomes who chose to sit tight and rent rather than overextend themselves.
For that annoying guy around here (it seems to be one person because the posts are always similar) crowing on every thread how he/she feels so superior having bought in a “prime” area (i.e. Park Slope) and hoping everyone goes into ruin just to feel even better about it, that person is totally putting out their mind how much they overpaid during what all economists say was a huge Bubble. And now, not knowing what the job market holds in the next few years why would anyone feel so excited about having to make payments on a jumbo mortgage? This economic downturn will affect everybody. And believe it, 10:11, if the “fringe” neighborhoods of Brooklyn really did go down and “degentrify” as the hysterics claim then it would be very bad for the prime neighborhoods too. Who do you think you’d be riding the subways with to work and back home in Park Slope again? Uh, the “degentrified” residents of the “fringe” neighborhoods that’s who. You’d share the park with them too. And it’s not like you can build a private gate around Park Slope and not let anybody in who didn’t live there. 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. A lot of upper income people wouldn’t even live in Brooklyn Heights back then. Just get over it. Nothing is going to make you totally immune to a downturn, no matter where you bought. So try rooting for the entire Brooklyn team to pull together and do well during this crisis. Not just your own elitist neighborhood. You might find yourself a much happier person too.
I know a couple people who have been laid off and they’ve already landed new jobs.
Layoffs are not the end of the world, you realize.
Lots of these guys are able to get consulting jobs.
They may not be making a 400K a year anymore, but 250K is pretty easy. Hell, I work in the arts and am not even 35 and make that much. You people need to get out of your circle and realize how much money there is to be made in this city.
Most people I know who work on Wall Street have literally millions in savings.
You guys who like to hope for people to suffer are sickos.
But you people fail to realize, things go up and down all the time, big deal who cares. If you are a renter and are angry so what buy a House. But if you think this is the end of Real estate you are very wrong.
Just check on Trulia and see how many things come up as ‘foreclosure’.
Granted, right now not too many appearing in Park Slope and such, but just wait until all the layoffs start really having an effect.
9:52, without a doubt, The What is feverishly surfing countless financial websites cutting and pasting quotes and links to convince us all that we’ll be out on the streets killing each other for food next week. Once he builds up enough ammo, he’ll arrive (to the blog that he claims to hate so much yet contributes to daily) and bless us all with another side-splitting, articulate rant…
yes 9:32 keep on telling yourself it will be ok and you did not overpay
this is getting good
isn’t this supposed to be a happy time for real estate?
more like a silent spring
keep the faith bubble believers our day is coming to a hood near you soon
great news great news