Report: Brooklyn Foreclosures Up 51 Percent
The national foreclosure epidemic has definitely made its way to the city, and Brooklyn property owners are among the hardest hit. A study from RealtyTrak.com finds that the number of New York City homes in foreclosure increased 55 percent in July compared to last year, with Brooklyn foreclosures up 51 percent. There were 875 foreclosure…
The national foreclosure epidemic has definitely made its way to the city, and Brooklyn property owners are among the hardest hit. A study from RealtyTrak.com finds that the number of New York City homes in foreclosure increased 55 percent in July compared to last year, with Brooklyn foreclosures up 51 percent. There were 875 foreclosure filings in Brooklyn during July, compared to 581 in July of last year. (Among the five boroughs, Queens saw the biggest increase, with a 126 percent jump, while the Bronx’s numbers were more or less in line with Brooklyn’s.) Although the pace of New York City foreclosures still lags behind the national rate, which was up 93 percent, the report seems to be a clear indication that the city—and the boroughs in particular—won’t be exempt from the subprime meltdown affecting the rest of the country. Earlier in the week, we linked to an article that tied the fortunes of sought-after Brooklyn with Manhattan’s resilient real estate market; this report looks like further evidence that Brooklyn’s market is increasingly a story of haves and have-nots.
Sharp Jump Is Seen in Local Foreclosures [City Room]
NYC Foreclosures Rose 55% in July [Crain’s]
N.Y. Foreclosure Frenzy [NY Post]
Manhattan Real Estate In a World of Its Own [Brownstoner]
Brooklyn Foreclosures Up Modestly in Second Quarter [Brownstoner]
Photo by Jimmy Legs
Here’s a Brooklyn market overview:
http://findarticles.com/p/articles/mi_m4PRN/is_2008_July_10/ai_n27907872/pg_1?tag=artBody;col1
This is not about foreclosures, just sales.
your baiting tricks are too transparent, 6:44.
i mean, really…
Brownstone and brick rowhouses were mass produced over the course of fifty years. There are thousands upon thousands of these aging buildings lining the endless streets of brooklyn. I do not believe the supply is miniscule. There are probably more old rowhouses in Brooklyn than split levels in NJ and LI combined.
“cabanas selling for 350k are nothing to do with the real world, those idiots doing lines of coke on top of a dumbo loft building are competing with each other only. Like the road runner cartoon, they have shot off a cliff and don’t realize there is no foundation to their values.”
This IS the real world in New York. Lots and lots of people have insane amounts of money here. I understand that you and I might not, but I am fully aware of the wealth that is floating around this city, and to deny that fact is silly. Cabanas don’t have anything to do with values any moreso than people spending that amount of money to restore 100 year old woodwork. People have different priorities in life.
The inventory in brownstone Brooklyn is so miniscule, I really don’t think this is going to have much of an impact in prices other than perhaps holding steady for a while to see where things go.
Two broker friends said they’ve seen perhaps a 10% drop in business over the past month, but that may have more to do with it being August than it does anything else. They said prices are holding and things are still going fast in the prime areas of Brooklyn.
One told me about an open house in Park Slope this past weekend with almost 60 people coming through.
So people are still shopping, it would seem.
11:32 is on point.
People believe what they need to believe and do not let facts confuse them.
I know one thing, which is that there is as much money to be made in a bust as in a boom provided you are not the one who goes bust.
I’d hate to see an update of that chart at 12:03 for 2007. But not really.
Remember, you buy once there is doom and gloom (although not necessarily at time zero + 1 second thereof).