Property Grunt

Thursday, June 05, 2008

Oh this is f**ked up

Yesterday morning I was waiting for the train when I peered at another's commuter's Wall Street Journal and was in shock when I read that Ed McMahon was facing foreclosure.

What makes it worse is that Ed McMahon is still recovering from breaking his neck 18 months ago. And he has been able to work due to that injury. Which brings me to my next question which is where is the money? Ed McMahon is the white James Brown because he always been the hardest working man in show business. He was pratically a staple of 80's and 90's television with his gigs on Dick Clark, Tonight show, Star Search and the Publisher's Clearinghouse. And he was known to be a man of great frugality since he was reportedly an ardent fan of Costco.

The irony is that crashing housing market has probably worked to his advantage since the house has been on the market for 2 years.

In more foreclosure news, Propertyshark released its May 2008 report. And its pretty much more of the same. but it appears Queens has become the dominating force

• The foreclosure epicenter in New York City is District 12 in Queens: District 12 in Queens (Jamaica, South Jamaica, Hollis and St. Albans) had 80 new foreclosure auctions scheduled in May 2008. Foreclosures in this Queen’s community district eclipses the entire boroughs of Brooklyn (55 new auctions) and Staten Island (47) for the month.

I can't think of anything witty or funny to say. Honestly, I just wish this s**t to be over. This is really f**ked up. People's lives are being destroyed.

But unfortunately it appears that this is far from ending as indicated by the quote below from the New York Times.

Owners of other eviction companies, like, which offers help with an eviction in any Florida County for around $400, also said customers seemed to be lining up. When they were asked if they saw any sign of a turnaround, of the market’s bottom, their answers were clear.

“We see it getting worse,” Mr. Fedor said. “And worse. And worse.”