First-Quarter Foreclosure Report: Modest Rise for Bklyn
In addition to quarterly sales data hitting this week, we also get a quarterly foreclosure report from Property Shark. On the bright side, the firm’s New York City foreclosure numbers look like a teensy blip compared to L.A. and Miami: The warmer climes had 8,877 and 2,231 foreclosures scheduled in the first three months of…
In addition to quarterly sales data hitting this week, we also get a quarterly foreclosure report from Property Shark. On the bright side, the firm’s New York City foreclosure numbers look like a teensy blip compared to L.A. and Miami: The warmer climes had 8,877 and 2,231 foreclosures scheduled in the first three months of this year, respectively, while NYC had 918 scheduled. Since we’re talking about foreclosures, though, that’s more or less where the good news ends. There were 140 foreclosures scheduled in Brooklyn last quarter, compared to 103 in Q4 2007; the first three months of ’07 saw 129 scheduled foreclosures, so this quarter’s numbers don’t signify a huge year-to-year leap. The 11233 (Bed-Stuy and surrounding areas) and 11207 (East New York and surrounding areas) ZIPs topped the Brooklyn forcs charts. In all of New York City, there was a 66 percent rise in the number of foreclosures compared to this time last year, with the highest number by far recorded in Queens (508).
Foreclosure Reports [Property Shark]
Bring back the Rentals of the week too!
Brownstoner bring back the HOTD follow up 6 mths later or this blog will die very quickly
B, please bring back the orginal concept for the blog. Those who claim they are helping you “spice” things up are hurting you. Traffic is pretty low this week.
10:03/2:25: You are too sane and logical for this site. Ignore 10:19 (and the What). They are not very smart.
10:19 (this is 10:03 here): I said “if” the housing ends up occupied. I’m not at all sure it will end up occupied. Hence my question about whether (or not) we’re actually seeing lots of REOs in New York. Or will see them.
Anyone on here bought an REO or even seen a listing for one so far in NYC? I’m genuinely curious. Without that information the numbers on foreclosure filings don’t mean anything.
i brought a hud home. go to hud.gov
does anyone have connections or experience buying foreclosed homes? I need a starting point…
Yes, a 66% increase compared to the first quarter of 2007 is a “modest” rise. Compared to the increase we’ll see in the first quarter of 2009.
Since NYC has roughly 8 million people, Los Angeles 3 million and Miami about 1 million, I’m not sure how comparing these three cities really makes much sense in these circumstances.
In those terms, NYC is faring ok.
One foreclosure sucks for sure, and it would be great to have zero, but in a city of this size, less than a 1000 foreclosures seems bad, but not unreasonable.
Didn’t anyone else in the past 8 years say many times to themselves…”how in the world are all these people affording such expensive homes”
Well now we know…they can’t.