PropShark: Brooklyn's Forc Scene Not As Awful as Queens'
Here’s the bright side of Property Shark’s April foreclosure report: Brooklyn is doing way better than Queens. In fact, the real story in terms of the city’s foreclosure rates is coming out of Queens, which, according to Property Shark, accounted for a devastating 58 percent of all NYC’s newly scheduled foreclosure auctions in April. There…
Here’s the bright side of Property Shark’s April foreclosure report: Brooklyn is doing way better than Queens. In fact, the real story in terms of the city’s foreclosure rates is coming out of Queens, which, according to Property Shark, accounted for a devastating 58 percent of all NYC’s newly scheduled foreclosure auctions in April. There were 193 foreclosures scheduled in Queens last month, as opposed to 88 in April ’07. By comparison, Brooklyn—the borough with the second largest number of newly scheduled foreclosures—had 55 auctions on record last month, as opposed to 43 in March ’08 and 45 in April ’07. Since Property Shark tracks newly scheduled auctions, it only provides a slice of the larger picture that is New York’s extremely drawn-out foreclosure process. Another recent foreclosure report from Realty Trac found that there were 1,915 Brooklyn properties in foreclosure in the first three months of this year. As Crain’s reported yesterday, the State Assembly just passed a bill that would place a one-year moratorium on foreclosures for borrowers with subprime loans. The bill may die at the hands of the Senate.
Latest Market Reports [Property Shark]
NY Assembly OKs Foreclosure Moratorium [Crain’s]
New Report Says Brooklyn Foreclosures Up 27% [Brownstoner]
12:05, I think the courses are taught by real estate agents and developers and the governor gets a “discount”.
This is actually a very low rate of foreclosures. And 9:58 is absolutely right.
I would like a law requiring that all state legislators, congressmen and senators take at least two college-level economics courses that are not tought my Marxists.
From my view there is not to much going on in Brooklyn with foreclosures. Maybe the fringe areas but thats it.
How useless is our legislature? However well-intended, there’s nothing worse than making foreclosure impossible in terms of driving up rates and making it tougher to get loans in NY. So everyone wanting to borrow now will pay for all those who overextended.