Brooklyn Nowhere Near Top of Foreclosure List
First the good news: when CNN put together a list recently of the zip codes around the country with the most foreclosures, New York State didn’t have a single spot in the top 300. Now the bad news: Of the four zip codes in the state that made the top 500, three of them were…
First the good news: when CNN put together a list recently of the zip codes around the country with the most foreclosures, New York State didn’t have a single spot in the top 300. Now the bad news: Of the four zip codes in the state that made the top 500, three of them were in Brooklyn: 11207 (East New York), 11208 (East New York) and 11233 (Bed Stuy and Crown Heights). It appears that East New York is by far and away the worst hit neighborhood thus far with Bed Stuy and Crown Heights suffering as well. But this isn’t anything we didn’t already know, right?
Foreclosures drift to Sun Belt from Rust Belt [Money/CNN]
Don’t worry folks there are plenty of foreclosures bound to hit the Brooklyn area within the next 90 days, If you ask local real estate agents they will say it ain’t happening here buddy, well I say stick around Who is holding onto and paying a million dollar mortgage when the value is falling bellow 500,000?
uhhh it seems like the posts that were made some time back this year are again wrong? Gee, what a surprise.
BROOKLYN IS UP AGAIN.
Does anyone care to offer their ingenious opinions again?
This is the site that posted the map, and discussed, 2006 Foreclosure patterns in Brooklyn:
http://gowanuslounge.blogspot.com/2007/03/brooklyns-serious-mortgage-foreclosure.html
Another recent article about the subject
of foreclosures in NY…
http://www.nydailynews.com/news/2007/05/09/2007-05-09_pols_raising_roof.html
“What would have some merit is for some kind of study to be done to see what kind of homes are being forclosed on, and who owns them, ie: is it new homeowners who overextended themselves, or oldtimers who took out predatory loans, or something else altogether? This would be valuable in figuring out how to help these people, and preventing more forclosure, which in the end, helps no one.”
Brower Park
I read, about a month ago, an article, with a map showing in red all the areas in Brooklyn affected with high foreclosure rates… I seem to recall reading that in many of the areas the folks the most affected were elderly homeowners who had taken out predatory loans to fix their homes.
Also came across this article dealing with the subject:
https://www.naca.com/content/press/articles/PressRelease_2007_04_11.pdf
It’s worth noting that there has been, proportionately, more home development in these areas (ENY in particular) than in almost every other area of the city. More development has meant a higher percentage of foreclosures.
Finally proof that there is no bubble issue in New York. Prices will be up at least 20% in Brownstone Brooklyn in 2007. Lovin’ it.
Also, # of people living in various zip codes varies, # of homeowners, etc.
Easy method to come up with stats – but for comparison purposes of little value.
And, yes, zip codes do not correspond directly to ‘neighborhoods’. As in one neighborhood can be partially in several zip codes. And 1 zip code can include several neighborhoods and parts of other.
I guess it could get a LOT worse in these zip codes before it gets better. The stats don’t really tell the story, what would be a repo in vegas (because the market has dried up completely) could just be a hurried sale from a new owner struggling and in arrears, in bed stuy.
But this thing still has legs. If all this garbage debt floating around on the street gets marked down in value then first the wild hedge funds will fail and depending on how much money is revealed to be involved the mess could impact the almighty investment banks that underpin this ridiculously hot property market in white new york.
Wall street and equity markets are having another bumper year, the property market in brooklyn heights to prospect heights to windsor terrace is mostly up there because of this. If you aren’t getting paper rich because of bonuses you are feeling rich because your mutual fund went up 20% year to date.
The sub-prime mess may just uncover a bit of a debt pyramid in the next few weeks to months..