Thursday, November 29, 2007

120% increase in Queens foreclosures

B'KLYN, QNS. FORECLOSURES SOAR
By HASANI GITTENS, NY Post

As the nationwide mortgage crisis deepens, Queens and Brooklyn are bearing the brunt in the city.

In Queens, foreclosures were up a whopping 120 percent last month compared with last year, based on figures from RealtyTrac, which follows default notices, auction-sale notices and bank repossessions around the country.

The number of houses lost in Queens spiked from 688 for the month last year to 1,514 this year.

Brooklyn fared better, but still saw an increase of 50 percent this October over last. Property foreclosures were up to 1,277 versus 815 a year ago, the data showed.

Manhattan and The Bronx both remained steady, while Staten Island's foreclosure numbers dipped slightly.

Statewide, foreclosures were up 51 percent, with a total of 6,519.

Across the country, foreclosures were up 94 percent from October 2006, the RealtyTrac numbers show. With a total of 224,451 filings, the national rate for the month was one foreclosure for every 555 households.

3 comments:

Anonymous said...

You can't be openly racist in America.
It's against the law.

But the real estate/building/banking industry CAN
mange to convince some ignorant low income
home buyers that they
CAN LIVE BEYOND THEIR MEANS !

Now, after some convenient foreclosures,
neighborhoods can be fruitfully cleared of all these unwanted low income (people of color?) types
and readied for gentrification.

Now that's a slick and shady move.
Kudos for those banker bastards
appear to be in order....eh?

Taxpayer said...

Can someone answer the following question: How old is the typical mortgage by the time of default?

Does the typical default occur within the first year or two, or do quite a few years pass before trouble strikes?

What is the typical cause of default? Sickness? Divorce? Death? Loss of job? Hike in interest rates?

It's possible (actually very likely) that I don't use GOOGLE properly, but, I cannot get any info from GOOGLE on these questions.

Anonymous said...

I understand there is developing a whole class of bottom feeders that are stapping up homes, further hollowing out the housing ownership of Queens with absentee landlords.

Even after this crisis is past, their actions in sucking out cash from their properties, lack of maintenance, and crowding people into their buildings will last for years.

Come to think of it, a good portion of the borough will start to resemble the housing policies of Elmhurst and Elmhurst West (Astoria)