Property Grunt

Thursday, July 02, 2009

Happy Forecl....4th of July

It looks a little better but it's still bad. Below is the summary sent to me by Propertyshark.

*New foreclosures in New York City (892) down 7% compared to Q2 2008 (962) and up 3% over Q1 2009 (869).

*Compared to Q2 2008, new foreclosures were down 57% in Brooklyn, down 39% in Manhattan and down 5% in The Bronx and Staten Island. Queens (up 9%) was the only borough recording an increase over the same time period.

*Compared to Q1 2009, new foreclosures dropped by 26% in the Bronx and decreased by 17% in Staten Island. Brooklyn recorded the highest increase, going up 92%, while foreclosures in Manhattan went up 35%, and Queens saw a 5% increase in new foreclosures.

*Queens had the highest rate of foreclosures per household in Q2 2009, with one in every 1,270 homes scheduled for auction, followed by Staten Island with one in every 1,435 homes scheduled for auction. The rate in Manhattan was the lowest, with one in every 31,826 homes scheduled for auction.

*Queens accounted for fourteen of the fifteen zip codes with the highest number of new foreclosures in Q2 2009.

They also sent me some links to maps and some funky graphs.



If you are looking for some type of dramatic insight, well I got nothing. All I know it be awhile before things shake out. Honestly folks, this is one of those situations where you have to roll with the punches, no matter how many are thrown your way.