"foreclosures are now hitting the high-end [Manhattan] market"

Only the poors go into foreclosure.

Leaves a lot to be desired in terms of reporting.

Time for folks to start denying they said there would never be any foreclosures in Manhattan.

If it is really 11 filings in 200 Chambers, that is pretty remarkable for a 258 unit property.

There are no foreclosures in Manhattan.

Some sponsors in of the last to go up buildings did sell disproportionately to speculators(investor properties). It would not surprise me to see a high degree of strategic defaults occurring in new construction of the last two years. A good reason to avoid these buildings. But to say we have a "new high" implies too much.

From the TRD story:

"While the number of foreclosure filings in the state dropped during the first three quarters of last year compared to the same time in 2008, the filings jumped 14 percent in New York City, according to RealtyTrac...

...In Manhattan, for example, the quarterly foreclosure rate shot up 108 percent during the first three quarters of last year....

...Deutsche Bank predicts that the number of underwater loans in the New York metro area will jump from its current 11 percent to 77 percent by 2011..."

From the one it wrote jan 1

"The quarterly rate of foreclosure filings increased 108 percent in Manhattan during the first three quarters of last year compared to 2008, the highest increase of the five boroughs, according to the Furman Center."

Up 108% .... From what base?

Huh. A three-year construction project has just begun on Chambers St, too, which is widely expected to be a total nightmare to live with. That should really help property values.

evnyc -- details?

RS. True. For whatever reason, I just didn't figure that building fell into that category.

"Up 108% .... From what base?"

Try reading something before forming an opinion on it.

Borrowing from another thread - pulaski wrote

"Jumbo RMBS Defaults Triple: California, Florida, And New York Lead the Way"

"More U.S. prime jumbo borrowers are falling and staying behind on their monthly mortgage payments"

"Overall, prime RMBS 60+ days delinquencies rose to 9.2% for December 2009, up almost three times compared to the same period last year"

"--New York: 5.8%, up from 1.8% "

http://www.businessinsider.com/jumbo-rmbs-defaults-triple-california-florida-and-new-york-lead-the-way-2010-1

___________________________________________________

So in NYS, jumbo mortgages are behind at a rate more than TRIPLE a year ago, which is another data point to support the Manhattan forclosures are increasing meme.

And for Manhattan a lot of the problem is apartment building owners defaulting (Stu Town etc) and developers of condos, not just individual units.

3 year construction project on Chambers Street? I haven't seen any evidence of a 3 year project about to start. block/lot please? With Artisan Lofts and the Smyth finally finished, I can't handle another major construction job on Chambers...

Sorry NYC10007: http://downtownexpress.com/de_349/downtownsnext.html

jason1006, you forgot: It is not just "delinquent" jumbo borrowers, ‘Over one-third of prime jumbo borrowers that are current on their mortgages also are ‘underwater’ .....we are standing at the edge of a cliff

"How The Record 2.8 Million Foreclosures In 2009 Could Have Been A Lot Worse"

"After peaking in July with over 361,000 homes receiving a foreclosure notice, we saw four straight monthly decreases driven primarily by short-term factors: trial loan modifications, state legislation extending the foreclosure process and an overwhelming volume of inventory clogging the foreclosure pipeline."

http://www.businessinsider.com/how-the-record-28-million-foreclosures-in-2009-could-have-been-a-lot-worse-2010-1

"an overwhelming volume of inventory clogging the foreclosure pipeline." Dear, oh dear... :(

Is there a moratorium in effect?

Is there a moratorium on foreclosures in effect?

http://curbed.com/archives/2010/01/14/next_stop_for_highend_townhouse_foreclosure_auction.php#more

AND

http://www.crainsnewyork.com/article/20100114/FREE/100119924

Four-star financial fix for celeb chef David Bouley

http://www.nypost.com/p/news/local/manhattan/four_star_financial_fix_for_celeb_7CEGkevyuI3HU0iwJLL8gO

Lenders filed for foreclosure on One Madison Park.
http://therealdeal.com/newyork/articles/one-madison-park-hit-with-foreclosure-suit

Do any of these articles state concrete hard #s. I looked but did not see "X foreclosures in Manhattan." I ask because just a few days ago I had posted a link stating that there were only 8 such foreclosures, would be interested if that # had changed.

No way!

Alpo of New Jersey said there are no foreclosures south of 96th street in Manhattan!

techno... the data is not readily avail bc it's in no-one's interest. Not JMiller who wants to buy, not brokerages who hope to limit info., not to sellers, not to developers, not to NYtimes,... the only ppl interested are "buyers" and we are too spread out to level playing field.

once again, when a big bubble bursts... the momentum is impossible to stanch. Geitner et.al. played a "good" game... the inventory will rise thru spring summer.... i've NO doubts.

soemwhere - well then, if Alpo said so, I have suddenly turned bullish again. After 5 yrs. He wouldn't mislead us, would he??