The Heat is On
The website HotPads is producing foreclosure heat maps, such as the one for Brooklyn above. The data for the maps comes from RealtyTrac, which collects info on foreclosure filings. No big surprises: The site’s NYC map show that East New York, Bushwick, Bownsville and Canarsie have some of the highest concentrations of foreclosures per capita…
The website HotPads is producing foreclosure heat maps, such as the one for Brooklyn above. The data for the maps comes from RealtyTrac, which collects info on foreclosure filings. No big surprises: The site’s NYC map show that East New York, Bushwick, Bownsville and Canarsie have some of the highest concentrations of foreclosures per capita in Brooklyn, while Manhattan has almost none and large swaths of Queens are way too hot to handle.
Brooklyn Foreclosure Map [HotPads]
Fine Tuning the Picture On the Foreclosure Mess [WSJ]
you sound like a fool
The high end crowd will go down in flames as well. You guys don’t think all those layoffs a Bears (and many other Wall St. firms) is going to affect Brooklyn Heights, Battery Pk or other ‘Financial’ district enclaves?
The Grand Depression is designed to hit all the way to the upper middle class making them as poor as the folks in the fringe areas. It’s only a matter of time.
5:45 – tons of flipping and specualtion in that GWB area of NJ – there is a core of englewood that’s like scarsdale but outside that it’s more like mount vernon. i wasn’t making general statements, my statements were directed to specific areas.
I don’t see how it’s only about flippers, BrooklynLove. It’s more about people insisting on owning larger properties than they needed or could afford. Many people did buy to stay long term. But they justified overspending because of the potential profit they could make if they ever did flip and sell. The potential to flip made them feel too comfortable about being house-poor. Also there are people who inherit a house that’s paid for then they take out loans on it. Or kids who convince their elderly parents to take out loans on the family house to help them buy a place. All these scenarios are non-flipper situations.
also interesting – the huge swath of red in NJ by the GWB – seems like lots of flippers there getting stuck with the hot potato.
nice to see PLG staying out of the red, at least so far – big ramp up in flipping there over the past 3 or so years.
Sometimes people here say having an apartment in a house helps keep off foreclosure. But there are no foreclosures in Lefferts Manor, which are one-family houses only. If your house does not have a rental apartment it would have been more difficult to qualify for a loan, right? Guess that’s a given. It’s just interesting.
Co-ops will generally be fine since most boards wouldn’t allow people in with sub-primes, and co-ops also tend to see for slightly less as a result, so there is more of a safety buffer there. Plus, established co-ops are more likely to absorb an apartment than let a bank take control, hanging onto it as a rental until they can sell it back on the open market.
Condos will be harder hit, but the city has fewer of those anyway, and they tend to be high-end anyway. New condos in less prime areas will be smacked hardest, along with single-family homes in Queens, Brooklyn and SI.
Also, a lot of the properties listed are pre-foreclosure- so they may not even enter foreclosure.
Pol, I noticed Chicago (and the rest of Illinois) too. Not to mention Colorado. And I think Nevada is hurting as well.
As I said, the lag in foreclosing in New York may end up making the seemingly wide gap not so wide after all.