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]
“Come on The What, you are going to post here – these statistics are MEANINGLESS ”
Yep It’s more than this. Plus Queens was a hotbed of Mortgage fraud.
“- 53 foreclosures – there are 2.5 MILLION people in Brooklyn….statistics like this make it look like we are in the greatest economic times in history.”
To asshole like you.
“Citibank is failing and you are trying to make hay from this???? ”
Who mention Citibank??!!
“I am severely disappointed in you The What, I am begining to think you are simply a loony doom and gloomer with no real understanding of reality.”
Nope assfuck! You are a troll looking for a rise out of me.
The What
Someday this war is gonna end…
it must suck to wake up every morning thinking that every property in your neighborhood is going to plummit and every one is going to be wiped out. I believe that this is delusional and border line mental.
People make money when the stock market is on its way up and some people make money when the sotcket market is on its way down. The same goes for real estate.
Times of turmoil are also times of gretest upside potential.
I guarantee you there are smart buyers in today’s market snapping up deals that guys like The What would scream as foolish. In 5 years when the smart guys are sitting on millions The What will be saying “how did that guy ever make that kind of cash?”
I will tell you how he made that cash – he didnt listen to naysayers like The What.
Brooklyn’s forclosures are DOWN from ’06 !!!
Whats the big deal?
Come on The What, you are going to post here – these statistics are MEANINGLESS – 53 foreclosures – there are 2.5 MILLION people in Brooklyn….statistics like this make it look like we are in the greatest economic times in history.
Citibank is failing and you are trying to make hay from this???? – I am severely disappointed in you The What, I am begining to think you are simply a loony doom and gloomer with no real understanding of reality.
9:39 and 9:43 have a point – I don’t know if the raw data are available but it sure looks like Brooklyn is below its trailing average.
Manhattan looks to be bouncing either side of a trend line, the Bronx is pushing ahead slightly, Staten Island is pushing ahead of its trend line by what might be a significant margin.
And Queens just makes me dizzy.
Its also interesting to note that Brooklyn and Queens started out the first half of ’06 with about the same numbers and directions, but starting in Q3 of ’06 things really started diverging.
This a new stealth form of mortgage redlining. For a primer read this.
http://en.wikipedia.org/wiki/Redlining
There is a bad thing coming. Wells Fargo and other lending institutions are using “Declining Markets” to deny loans to Minorities and “fringe” neighborhoods.
If your neighborhood has been determined a declining market the banks can legally deny you a loan. With all the information on the net a bank could go here http://www.census.gov/ find out the make up of your area and deny you that loan based on race. Plus if you zip code has been put on the Declining Markets list the values is going to drop real fast.
GOD help the asshats that brought Brownstones in minority and poor neighborhood you are going to get assraped with a 3 ft pipe. And when the ball gets rolling no one will be able to stop it.
The What (yeah flame on bitches)
Someday this war is going end…
Once again someone who knows nothing about statistics trying to justify why they overpaid for their brownstone and why their property values will only go up. Regression analysis of a simple timeline? Rubbish.
This is not a forward looking graph. This is reporting. So if you ran a regression, (which I don’t know why you would unless you were trying to see if there were some sort of relationship to… who knows, how many folks will possibly find BK favorable) you’d find nothing of any significance. What would that R squared tell you?
This is a backwards looking graph. Merely telling you what has happened.
Queens is having a stroke.