New York’s foreclosures hit a height in 2016 not seen since the two years immediately following the 2008 market crash, according to a new report from property research specialists PropertyShark. Queens was the site of the most foreclosures by a significant margin, with southeast Queens particularly hard hit in 2016.
PropertyShark examined foreclosed properties that had been scheduled for auction for the first time in 2016 and the report stated the properties were single-family or two-family homes, or condo or co-op units.
The analysis found that 933 of the 2,202 first-time foreclosures in New York City were in Queens. The number of foreclosures increased from 804 in the borough in 2015, and the 2016 total marks the highest scheduled number of foreclosures since 2010, in which 1,404 foreclosures were scheduled. In total, 42 percent of first-time auctions in the city last year were located in Queens.
13 comments:
People buy houses that they can't afford because they expect to make up the cost in renting it out. I guess it doesn't always go as planned for most. Too much property taxes in this city and the cost of water and electricity is so high that nobody can keep up with the rate increases anymore. NYC is just an overrated and over priced place to live in. I'm glad I don't live in the 5 boroughs anymore.
The banking institutions have carried much of this for far too long, the markets are again up, and it is time for them to strike...
There ya go!
Southeast Queens, minority central. First you convince the darker hued folks they can afford a home. The banks lied, knowing they could not afford the ridiculous come on selling speech.
When these poor folk cannot meet their mortgage payments...BINGO... the predator lenders forclose displacing families.
Biut....isn't that the plan? Social engineering at is most incidious. Move out the "troublesome minorities" in a technically legal democratic fashion , and later develop these areas as "luxury" housing for lighter hued people.
South Jamaica, once the low end of Queens, suddenly becomes desirable.
End of story....the real estate developers make a fortune and are able to buy more politicians.
Read between the lines and tell me this ain't so.
"NYC is just an overrated and over priced place to live in."
I have a friend who quotes a rich person he worked for many yeas ago.
"It's not too expensive, you just don't make enough ! "
Alas, under THIS administration of complete psychopathy (coupled with the previous, 13-year term of a narcissistic, arrogant, un-American, anti-American autocrat schlepper named Michael Bloomberg), New York City is now a padded cell, with Draconian business practices that are hurting even GOOD commerce and trade.
In fact, over the past 16 years, I have watched in pain as my jewel of a city progressively devolved into a corporate, raw sewage cesspool of extreme privilege and power (neither of which has been earned, much less deserved!), as well as unjust enrichment and PRIVATE SPLENDOR——versus PUBLIC SQUALOR, adversity, beggary, obscurity and quiet desperation for everyone else in the hardworking, overworked-and-vastly-underpaid rank and file. It's a filthy disgrace of 300% false, fake and monstrously failed leadership that has directly resulted in higher crime and violence, and the lawlessness and vigilantism that is back with a vengeance, since the hyper-recessive days of the dreaded 1970s (when New York City was broke).
Yes, indeed my fellow New York City residents: Old is new again (and not in a good way).
SAME CIRCUS——DIFFERENT, UNFUNNY CLOWNS!
Anonymous said...
There ya go!
Southeast Queens, minority central. First you convince the darker hued folks they can afford a home. The banks lied, knowing they could not afford the ridiculous come on selling speech.
When these poor folk cannot meet their mortgage payments...BINGO... the predator lenders forclose displacing families.
Biut....isn't that the plan? Social engineering at is most incidious. Move out the "troublesome minorities" in a technically legal democratic fashion , and later develop these areas as "luxury" housing for lighter hued people.
South Jamaica, once the low end of Queens, suddenly becomes desirable.
End of story....the real estate developers make a fortune and are able to buy more politicians.
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BUT the problem were the homeowners who signed on the dotted line regardless of what the banks told them etc. Common sense, if you only make $50,000 a year, you don't buy a $300,000 home or apartment, because how the hell are you going to make payments.
Yes, those financial institutions are predatory, but you can only be preyed on if you let them. People must take responsibility for their actions.
it's because of slavery and racism that so many black home owners are going into foreclosure. slavery and racism... think that ones been used before.
"NYC is just an overrated and over priced place to live in."
I have a friend who quotes a rich person he worked for many yeas ago.
"It's not too expensive, you just don't make enough ! "
Spoken like a true idiot. NYC USED to be affordable. My father bought a house here in bayside back in 1982 for only 60k.... 34 years later the house is now 500k and wages have NOT kept up with the cost of living in this city. It was a proven fact that if you adjust people's rates of pay from your parents pay rate to us born in the 70s and 80s who have now entered the workforce, we are making on average 200/month LESS than what our parents made. Plus it doesnt help for the fact that we take in too many damn immigrants and illegals that make finding a place to live in this city hellish. 1 million visas are given out per year in this country and where do you think they all come to? Ny and California. The higher the denisity of people, the more money housing will be because we are now crunched for space. They should lower the number of visas given out every year back down to 500k like it was before and start deporting illegals like they should and then maybe the working class in NYC would actually have a fighting chance to afford a place to live in NYC. I was born and raised here and have only one child but I can't afford to live here because I REFUSE TO LIVE LIKE AN ANIMAL with 3 other families living in my apartment with me just to afford some rent (like the illegals do).
@"Spoken like a true idiot. NYC USED to be affordable. My father bought a house here in bayside back in 1982"
There is a big world outside of NYC. If you don't like the price of real estate or the cost of living here move ! Vote with your feet this is not 1982 anymore this is 2017. Please stop living in a lost decade your logic sounds foolish.
If it rents for $2000/mo it shouldn't cost $2800/mo to own. The industy celebrates the 'success of living the American dream' publicalloy but later the buyers suffer silently. Everyone bags about buying a property; no one brags about eating Ramen to try to keep it.
You would thi k we would eventually run out of sucker but for most of thr 20 years I have been here....nope...they just keep lining up....
huh?
1982 = 60k,
2017 = 500k..in bayside? Tells me you are not like up to date with real estate prices in queens. if it's 500k, you have 10 people jumping on it and bid up the d-mn asking price. I would love it if you sell it to me. Heck, 600k is cheap.
Is it a condo? Even if it is you will have ppl jusmping on it.
minimum asking is 699k for a single family house in bayside, dude.
When I get my NYC pension that I earned after 30 years of service I will move to PA or North Carolina where my money can buy a nice three bedroom single family home with land for well under $200,000 !
You must work for a ban or a mortgage lender...kissing their asses the way you are. Excuse me...but...the bank grants you a mortgage if they feel you can afford it. The bank told me back in 1978 that I could not afford a $90,000 Tudor home I was looking at. My salary could not support it. Result, I settled for a $66,000 stucco colonial.
Bankers are bastards in my book. Jamaica has been looking for decades to legally remove their "Black" population.
This is social engineering, how it's done in a republic.
The Nazis did it another way. Can your BS about tiresome racist cards being pulled.
You are obviously White, and the system (in Jamaica Estates?) has worked well for you.
Pull your head out of your tookas and face the facts.
It is no coincidence that foreclosures abound in darker minority areas! Them's the fact, bubba!
Now buzz off!
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