Report: Subprime Foreclosures Rampant in Brooklyn
On Friday the Federal Reserve Bank of New York released data listing how many subprime loans there were in New York state in October (broken down by zip code) and how many of those loans were in foreclosure. Bottom line? Bad news for Brooklyn, especially in the zip codes that include Crown Heights, Bedford-Stuyvesant, East…
On Friday the Federal Reserve Bank of New York released data listing how many subprime loans there were in New York state in October (broken down by zip code) and how many of those loans were in foreclosure. Bottom line? Bad news for Brooklyn, especially in the zip codes that include Crown Heights, Bedford-Stuyvesant, East New York, Williamsburg, and Bushwick. As reported in the Daily News, there were foreclosure proceedings under way for 25 percent of homeowners with subprime mortgages in 11233, which covers Bedford-Stuyvesant and Crown Heights. That subprime foreclosure rate is almost four times the national average of 6.89 percent. As the chart above shows, subprime foreclosure rates were also high in other Bed-Stuy/Crown Heights codes (11212, 11213, 11216, and 11238). The data also shows that 435 homes with subprime loans in East New York were in foreclosure. Foreclosure rates on properties in the zip codes covering Williamsburg and Bushwick, meanwhile, were also high (though the total number of subprime loans in those Zips was smaller than in Bed-Stuy, Crown Heights and East New York): 22 percent of homes with subprime loans in the 11221 Zip code were in foreclosure.
Brooklyn Neighborhoods Top Subprime Foreclosures in Nation [NY Daily News]
New York Fed Releases Zip Code Level Data on Nonprime Mortgages [NY Fed]
Well according to my calculator, 11201, which is brooknly heights/slope area has a 38% forclosure rate. Care to do a story on that area? Let’s not play up the foreclosure hysteria. I know it sells newspapers and websites, but again, some perspective until we actually have hard evidence of masses of homeless folks and marauding hordes of disgruntled brokers.
Sellers in Park Slope are now having to sell for less than they could last year, 2:52. That’s called a softening market. But go ahead and be in denial.
If the rest of Brooklyn was more like Park Slope, we wouldn’t have this subprime mess or the lowering of property values. Park Slope is the place to be.
Foreclosures in Park Slope!?! impossible!!
everyone there has made 10 million dollars in equity in the past 6 months.
“Can you imagine 13,547 different residences? Never in your life would you even visit that many homes. I don’t get the poplulation argument. That number includes children and minors which Brooklyn has plenty of. Let’s estimate how many different homes/apartments have outstanding loans on them including HELOCS.”
Yes, I can appreciate 13,000 residences seems like alot, and no I havent visited clsoe to that many. But what I can tell you is I fly over Brooklyn alot, and there are a hell of alot more than 13,000 residences, many, many, many, more than that.
As a percentage of overall mortgages in Brooklyn, it seems to me subprime is a pimple. Forget about HELOC’s, etc. This panick inducing article is about foreclosure and subprime – to me these figures are insignificant.
I had no idea northern Clinton Hill was part of downtown brooklyn, or that Greenpoint extended to Bedford and South 2nd.
Nice that a bank keeps such sloppy financial records.
Crown Heights is on sale–time to SWOOP, baby!
I see it wherever Chuck Schumer is quoted, 1:28. Can you imagine 13,547 different residences? Never in your life would you even visit that many homes. I don’t get the poplulation argument. That number includes children and minors which Brooklyn has plenty of. Let’s estimate how many different homes/apartments have outstanding loans on them including HELOCS.
The foreclosures at coops will be due to old-fashioned reasons. I would be surpirsed if more than a handful of coop foreclosures happen due to “innovative” loans.