Property Grunt

Thursday, November 30, 2006

Property Shark Third Quarter Foreclosure report

Kelly Kreth has provided me a summary of PropertyShark's Third quarter Foreclosure report and it is kind of funky. Gracias Kelly.

New York City:
" Number of New Foreclosure Auctions: There were 425 new residential foreclosures in New York City (5 boroughs), an overall decrease (-21%) in new foreclosures in the current quarter from the second quarter of 2006 (538 foreclosures).
" Foreclosure Auctions per Household: Of the five boroughs, Staten Island had the highest rate of foreclosure auctions per household in Q3 2006, about twice the rate of Brooklyn and over 10 times the rate of Manhattan.
" Average Lien Amounts: Manhattan had the highest average lien per property in foreclosure at $330,728. The Bronx had the lowest average lien at $226,995.
" Foreclosure Auctions by Neighborhood: In NYC, 17 of the top 20 zip codes for foreclosures were in Queens and Brooklyn.
" Lis Pendens (Pre-Foreclosures): The number of residential pre-foreclosures in NYC for the quarter (1468) dropped 10.92% from the second quarter of 2006 (1648), but increased 20.33% from the third quarter of 2005 (1220).

I have discerned the following from this following.

*Alot of people in Staten Island are having trouble understanding the concept of interest only mortgages.

*Manhattan taxes are bats**t crazy.

*If gentrification continues to pick up in the Bronx, buying tax liens in the Bronx is probably a better deal than Manhattan and that is a great way to get a distressed property.

*From looking at the low rate of foreclosures auctions in Manhattan shows that there is a ton of money backing Manhattan real estate.