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.
9:48 – you don’t know anyone in that area with an ARM? Seriously? You don’t know anyone who has admitted to an ARM or interest only loan. I can think of half a dozen off the top of my head. Not everyone buying $2m houses had a huge down payment and a solid income. I think the next wave of trouble is on its way. Grumblings of negative equity all over the hood, not to mention frozen HELOCs. It’s a mess and it’s not just Bed Stuy that’s gonna see the fallout.
What areas are southeast Queens?
This has no impact on the prime neighborhoods. Bad times in Southeast Queens though.
“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”
if it’s double last year’s rate, why is the increase not 100% as opposed to the 26.6% shown on the map?
Where is The What?
9:22 you are correct. they are counting lis pendens filings, many of which are duplicate filings from prior time periods. Also, those numbers in the graphics are not “rates”. Someone should be fired over how poorly written and fact-checked that post article is.
There should be no Bailouts. With that said, I do not know anyone in my area that has a ARM Mortgage or Subprime. I live in BOCOCA.
9:22 — if you oppose the bailout — go to angryrenter.com
It looks like Realty trac counts any property ‘in the process’. Since it takes easily 18-24 months to go from the beginning to the end of the process in New York, Realkty Trac is likely counting the same properties that were in the process in prior reports, maybe multiple times.