Friday, June 13, 2008

Foreclosures way, way up in Queens

Great graphic from Curbed:

Data from May shows the problem is getting worse (Manhattan did manage to rack up 14 foreclosures in May, compared to just 23 in Q1), banks are clamping up and making it tougher for homeowners to fight their way out of foreclosure, and neighboring property values go right in the toilet once an f-bomb drops nearby.

Queens is the reddest borough on the map. Not a good sign.


Anonymous said...

And bet the the highest numbers
are located in those "vibrant" communities such as Corona or
South Jamaica!

Anonymous said...

The latest national trend is that foreclosed properties
(particularly Mc Mansions in one Minnesota city)
are being bought up "on the cheap" and carved into multi family rental units!

Not a very good sign!

Anonymous said...

I'm looking to start renting my property in Glendale for section 8 tenants. It's starting to become hard finding traditional renters.

Anyone know how to start the process?

JF said...

The first anonymous poster is right. more than three quarters of the foreclosures are in the Black neighborhoods in Southeastern Queens. It's very sad that people were allowed to perpetrate this scam on Queens residents, and that so many people fell for it.