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]
Manhattanites can still sell their apts, that’s why there are no foreclosures there. There is no longer any buyers in the fringe neighborhoods because they are the sub-prime borrowers.
That is, S.I. AND Queens each had approx 63% ownership and 37% rentals.
10:19, I agree. I did a very quick search on ownership statistics from the 90s (I’m sure there are much more recent stats, but the percentages likely haven’t changed much). Manhattan and the Bronx have approx. 19% ownership vs. 81% rentals (which seemed higher than I would have guessed), whereas S.I. each had approx 63% ownership and 37% rentals.
Bill: No kidding about other areas. I didn’t even look at Florida or California, I know the story there. I checked out Chicago – almost the entire city and the vast majority of the neighboring suburbs are entirely red. Only Lincoln Park is yellow. I think that is one of the few upper income neighborhoods in that city.
Staten Island may have more foreclosures per capita – and 1 reason is they have more home ownership per capita.
If a locality is mostly renter (as is NYC) foreclosure rates will be lower.
The areas if of NYC with highest forelosure are lower income and high rates of home ownership.
I think we are doing just fine. Staten island is taking some hits but overall will be fine.
Also Pol, Certainly your point about the large number of rentals and infrequency of co-op foreclosures in the higher income areas explains a lot of this.
Staten Island and East New York are on fire! Polemicist, it is interesting how the richer areas appear to be the least affected. All the talk about the financial markets expolding just shows that the Wall Streeters are still holding up fine and the little guys are getting hurt the most.
Overall, the state seems to be faring much better than other large ones such as California, Florida, etc. Although someone made the point the other day that the foreclosure process varies widely across states (e.g., the process is much longer in New York, so you don’t see the impact as immediately), so it’s hard to do a meaningful comparison.
Amazing how Staten Island seems to have the most foreclosure filings per capita.
I’m also surprised how well the Bronx is doing.
I think Manhattan is somewhat protected by the huge number of rental apartments – particularly uptown. This might even be true for a lot of the Bronx, particularly South Bronx.
Inwood has amongst the lowest number of foreclosures because most homes are rentals.
Also, I wonder how co-ops work into this map? I think it’s been years since a co-op building went into foreclosure, but certainly individual owners are evicted sometimes. Do those count as foreclosures? I doubt it.