PropShark: Brooklyn Forcs Up 20% Last Month
More bad news on the foreclosure front, this time from Property Shark’s February foreclosure report. The report, which tracks properties scheduled for foreclosure for the first time, found that NYC foreclosures increased 13 percent from January and were up 113 percent from February ’07. Any good news? Brooklyn’s not hurting as much as Queens, where…
More bad news on the foreclosure front, this time from Property Shark’s February foreclosure report. The report, which tracks properties scheduled for foreclosure for the first time, found that NYC foreclosures increased 13 percent from January and were up 113 percent from February ’07. Any good news? Brooklyn’s not hurting as much as Queens, where the number of foreclosures more than doubled compared to February ’07. Nevertheless, Property Shark found a 20 percent increase in Brooklyn foreclosures last month over January (there were 53), and East New York and environs had the seventh-highest number of foreclosures in the city by neighborhood. The numbers we’re looking at here don’t exactly signal an epidemic—Property Shark records 582 foreclosures in Brooklyn from Feb. ’07 through last month—but they sure don’t seem insignificant, either.
Property Shark
Report: Subprime Foreclosures Rampant in Brooklyn [Brownstoner]
Bill Would Temporarily Halt Foreclosures [Brownstoner]
:Re price per sq ft is still over $1000/sq in mnahattan.:
I guess it would be in “mnahattan”
“Sorry to disappoint you The What”
Nope, Try to put the gun at your temple this time. That’s where your brain is, not up your ass.
BTW Great pump and dump on that AMBAC shit. The big boys love sheep, Nice and tasty.
The What
Someday this war is gonna end..
Yes, Morris, some “fringe” areas will always be fringe. Like Crown Heights. What a crime-ridden hellhole.
The What
Someday this war is gonna end…
hmmm i thought that stock market was going to crash today and all ibankers on Wall Street were going to get laid off.
Its 3 and non of that happend. Re price per sq ft is still over $1000/sq in mnahattan.
Sorry to disappoint you The What
Bloomigdale is having a close out sale and everything 50 percent off….
hurry up and dont go! the sky is falling!
Oh Lawrd help me, help me!
The Como
someday I will grow nuts and my fears will end.
Dow’s about to crash. Hurry up and short.
“Any developer will want to recoup losses, and hopefully, make some money…the same holds – a landlord/owner will want to get as much in rent as the market will bear.”
E101 does not just apply to the sales market. More Rental Inventory >> Less Demand >> Lower Rents. The market cares NOT whether you see ROI or not. I would say, however, that rental rate drops will not be as significant as sale price drops. Rents are only high now because people are wising up and waiting on the sidelines (renting) while sale-to-rental conversions and foreclosures have not yet peaked.
“Oh, of course the city is growing – up and out. If you can’t see that, it’s not me drinking the koolaid. Those cranes, dumpsters and construction sites all over the city aren’t art installations.”
No Morris, That is a Mutant Real Estate Bubble at work. All the activity you see is a result of Malinvestment. Cheap money chasing the American Dream of greed. Now we will pay for our folly with a declining Real Estate market, High unemployment, Crashing tax base, Higher interest rates and Insolvent Banks.
Yep, this is going to fun and this won’t play out in the ‘short term’, this pain will be felt for many years. Yep, I’m a nay-sayer.
The What
Someday this war is gonna end…
Oh damn! MM got me.
Both 12:54’s,
My post @ 12:23 is longer than yours. I win.