U.S. Foreclosures Continue to Soar; NYC Still Not Bleeding
More bad news about the national housing market: Approximately 1 in 11 mortgages in the U.S. were in foreclosure or past due at the end of March, according to a report by the Mortgage Bankers Association. The Times notes that 4.8 million loans were in foreclosure or had notched late payments, and the trend has…
More bad news about the national housing market: Approximately 1 in 11 mortgages in the U.S. were in foreclosure or past due at the end of March, according to a report by the Mortgage Bankers Association. The Times notes that 4.8 million loans were in foreclosure or had notched late payments, and the trend has spread beyond subprime-loan holders. The problems are worst, it’s not surprising to hear, in Florida, California and Arizona. An AP article on the findings says the delinquency rate jumped to 6.35 percent in the first quarter of 2008, and the rate of new foreclosures and late payments were the highest on record since the late ’70s. A spokesperson for the Mortgage Bankers Association expects foreclosures and late payments to continue to escalate as home values in many areas continue to plummet, killing off resale potential. In related news, New York City has still remained mostly insulated from the foreclosure epidemic, according to a report Property Shark released earlier this week. The data site’s findings for May showed that New York City’s new foreclosure rate was down from April, though still up significantly from this time last year. There were 313 new foreclosures in May in all five boroughs, with a whopping 177 of those in Queens. By comparison, Property Shark recorded 55 new foreclosures in Brooklyn last month, and even fewer in every other borough.
About 1 in 11 Mortgageholders Face Loan Problems [NY Times]
Record Foreclosures in 1st Quarter [AP via NY Daily News]
Market Reports [Property Shark]
Choice bits of wisdom from The What today……”When you are outside count how many cars are driving.”
Any intersection in particular?
“”Whopping” 177 in Queens? Could this have something to do with Queens having a population of over 2,000,000, and the smallest percentage of renters and the highest percentage of single-family houses in the five boroughs? Just asking.”
Queens was the hot bed of Subprime/Fraud activity. The was “Investors” all up and down Hillside and Jamaica Avenues.
The What
Someday this war is gonna end..
Morning Asshats! Oh I thought everything was so peachy. Let’s look at some things, shall we…
But but employment is strong What. I can afford my Condo payments!
U.S. Payrolls Fall, Unemployment Rate Climbs to 5.5% (Update3)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYjJoECdQ1k0&refer=home
“The labor market is still deteriorating,” said Nigel Gault, chief U.S. economist at Global Insight Inc. in Lexington, Massachusetts.
“The story is, we’re still on the verge of a recession” and “at best, the economy is growing very, very slowly.”
Uh no, we are witnessing a Depression unfold in real time.. I don’t understand everything has turned to crap. When you are outside count how many cars are driving. This is the start of summer and it’s a ghost town out there. The Unemployment numbers came in REAL HOT!
Next on the Asshat parade, Evander Holyfield! Yes the “Real Deal” is broke! Now ask yourself one question. If it can happen to him, what about me?
Ex-champ Holyfield having financial woes with home, child support payments
http://sports.espn.go.com/sports/boxing/news/story?id=3428080
“His $10 million estate in suburban Atlanta is under foreclosure, the mother of one of his children is suing for unpaid child support,”
Last but not lease.. U.S. Foreclosures Continue to Soar; NYC Still Not Bleeding
Yeah Right! Go here and get a subscription.—>To Profiles Publications, Inc. New York City’s Premier Foreclosure Listing Service–
http://www.nyforeclosures.com/
This the best Lis Pendens service out there. They will email the list every week, 50 times year.
NY+C is going to get killed! Those condo payments, like the 4000.00 payment on that 2 bedroom.. Yeah right keep dreaming..
The What
Someday this war is gonna end…
“The War in Riaq is indeed going very well”.
Sure, in the same sense the Vietnam War was a smashing success. Maybe if YOU loved your country, you would do everything you can to get our troops back unharmed and campaign against further killing of Iraqi civilians. If you see nothing wrong with sending in mostly the poor and the marginalized too fight, rather invade, to sustain the military budget and generate enormous profits for the likes of Haliburton, et.al., you have a problem.
Ok, back to our regularly scheduled program…
Extremism exists on both sides 10:39
“Whopping” 177 in Queens? Could this have something to do with Queens having a population of over 2,000,000, and the smallest percentage of renters and the highest percentage of single-family houses in the five boroughs? Just asking.
laurie – properties can go into lis pendens for all sorts of reasons other than mortgage payment delinquency, so that view would give you an overestimation.
10:11, The economy is in good shape. If you knew anything about anything, you would realize it. Not my fault you’re stupid.
Those unemployment numbers disguise the real fact that America is the greatest country on Earth. If you don’t like it, I hear Communist Cuba is looking for residents.
The War in Riaq is indeed going very well, thanks for asking. Maybe if you loved your country, you’d be over there helping to guarantee freedom for all Riaquis.
where’s the real t-what when you need ’em?