Thursday, September 4, 2008

Foreclosures: We're #1 again!

In obvious contrast to the other four boroughs, each experiencing a decrease, Queens stood alone recording a large increase in August 2008 compared to July 2008. The current number (254) is up 113% from August 2007, and up 43% from July 2008, setting a two-year high for Queens. All the other boroughs experienced an improvement in the number of new foreclosures compared to July 2008. Brooklyn was down 29%, Manhattan by 21%, the Bronx by 17%, and Staten Island down 9%.
• 73% of Queen’s foreclosure auctions were unsuccessful: From July 2007 to July 2008, 73% of Queen’s foreclosure auctions were unsuccessful and went back to the lender. Out of the 73%, almost 3/4 have still not been resold and are still in the lender’s possession.
This info comes from a Property Shark report.

14 comments:

Michael Tirelli said...

Maybe those lending institutions need a good Real Estate Broker. May I offer my services.

Mike Tirelli
Kaye Realty & Development Inc
69-41 Myrtle Avenue
Glendale, NY 11385
718-366-4500
"serving all five NYC counties, Nassau and Suffolk as well"

Taxpayer said...

It looks like 254 new bargains for house hunting families.

Let's just hope they know more about buying a home than the previous buyers.

Anonymous said...

It is telling that most all the foreclosures were in a handful of neighborhoods in Southeast Queens. The problems look quite localized.

Anonymous said...

Parts or all of 6 of these zip codes are in Serf Maltese's district. Rome burned while Nero fiddled.

Anonymous said...

Perhaps Andrew Cuomo, while HUD chief under Clinton, and Bush I, Clinton and Busg II should not have made house ownership a near "right" as oppossed to the priviledge it is. Great decision in today's NYLJ wherein the court dismisses a "predatory lending" lawsuit brought by someone who, while making $48K a year took out a $450K mortgage. The judge wasn't having any of that nonsense. People are stupid and they do stupid things. And this is Serf's fault?

Anonymous said...

Not Serf's fault someone took that loan, is his fault NYS was not better regulating lenders in this state, many of them doing business in his district.

Anonymous said...

I guess it's Serf's fault that all these foreclosures are happening in California, Florida, Nevada and around the country. Ridiculous . . .

Anonymous said...

It is Serf's fault that NYS allowed lenders to do here, to a lesser, degree what they were doing in California and Nevada. NY has some better protections than other states, particularly in the foreclosure process, but needed far more regulation.

Anonymous said...

"NY has some better protections than other states, particularly in the foreclosure process, but needed far more regulation."

right! NYS law always favors the tenant or the criminal defendant or the debtor - so this is Serpf's fault how?

Anonymous said...

DUH-He's a legislator who participates in making NYS law, laws needed strengthening, which didn't happen. He and the other legislators are at fault. But he's supposedly such a powerful legislator in the Senate and he didn't introduce any law to strengthen lending laws that I know of.

Anonymous said...

"DUH-He's a legislator who participates in making NYS law, laws needed strengthening, which didn't happen. He and the other legislators are at fault. But he's supposedly such a powerful legislator in the Senate and he didn't introduce any law to strengthen lending laws that I know of."

You cite no examples of these weak laws or of what Sen. Maltese did or did not propose. You are a shill and I grow tired of you. Good bye.

Anonymous said...

Of course most of these foreclosures are located in
"people of color" neighborhoods like southeast Queens (and Corona)!

Coincidence?

Maybe it's more than that.

Urban renewal/dark folks removal!

Perhaps this is part of a well orchestrated long range plan ?

Anonymous said...

It looks like 254 new bargains for house hunting families.
----

hahahahahahahehehehehehohohohoho

This is Queens. This is a fat chance for speculators to buy up dorms for guest workers.

Anonymous said...

SE Queens are trouble makers wanting preservation in their community, but the good thing is they are going back south.

Now perhaps will be be more like Astoria.

Good people.

Doormats.