Delinquency Rates in NYC

Sorry. NYC actually up 56%

Link: http://www.cnbc.com/id/18036314

I think if you dig into these numbers you are going to find a more modest rise in delinquencies for mortgages on Manhattan properties south of 125th Street.

Have you read the article carefully and visit propertyshark.com to confirm the results?...

"n Miami, foreclosures are up nearly 31%, in Los Angeles 24%, and in New York City, up 56%, the website said. Properties in the borough of Queens accounted for the bulk of the New York foreclosures, jumping 91% alone."

NYC comprises of 3 boroughs - queens, brooklyn, and manhattan.

1. As the article pointed out --> "Queens accounted for the BULK of NY foreclosures."
2. If you visit propertyshark.com and perform a comprehensive search, the other bulk of foreclosures are listed in Brooklyn.
3. If you further look into the foreclosures of Manhattan properties, most are located in Harlem and Bronx. Less than 1% of their foreclosed properties are below 100th st in Manhattan.

Again, I think you have to re-evaluate your understanding of what makes up New York City! It's just not properties in Manhattan. Read carefully before you start freaking out... take a valium or something.

I'm definitely happy that I just signed my contract as comparable properties in the building rised by 5%. woo hoo!

I'm sorry, who is freaking out? I simply stated two facts in the article and a link. I think you drink too much coffee.

Last time I checked - NYC includes two other boroughs - Bronx and Staten Island to be fair.

"Properties in the borough of Queens accounted for the bulk of the New York foreclosures, jumping 91% alone."

Thats what happens when people try to imitate the stupid bidding and overspending habits of Manhattan buyers, they wind up overpaying for something they cannot afford.

#4, Property Shark does NOT have a comprehensive listing of **pending** foreclosure sales. Quite often, they list foreclosure sales a week prior to the sale. I know, because I've called them out on a few. Having said that, simply because foreclosure **sales** are highest in queens does not necessarily trnslate to an equal percentage of delinquincies as against Manhattan. There are many factors why a mortgage delinquency does not make it to foreclosure sale. There is a distinction between foreclosure and delinquency. You should do aa search of Lis Pendens on Property Shark which would give you a better sense of the breakdown. They are much better with those.

Now is the time to rent and wait until everything levels off.