Unemployed in NYC has surpassed 400,000

Wow! Crain should see this, his numbers are totally off!

And more foreclosures begin....

"And more foreclosures begin...."

yep, it's gonna be the case imho. tons of double income households did overextended themselves and ended up depending on both salaries. so you might have foreclosures coming from households that lost 1 of the 2 incomes, yet they cannot make it. but they'll cut back on other stuff for a while trying to hold on. i don't see the labor mkt improving any time soon. there are 6 applicants for each job at the national level.

so many people have been barely getting by to begin with. plenty of middle-class people who bought ages ago are getting hit with underemployment or un, maintenances going through the roof, savings that don't earn a dime.

and then there are those who bought at the peak. a young couple with a baby might have seemed like a decent risk in a jr4 coopo, but add in private school, aspirational spending, etc. or a wealthier purchaser who later decided a place in the Hamptons would be just the ticket. and the condo purchasers who put 10% down and are underwater and having difficulties. will the banks move quickly to short sales, or force them into foreclosure?

admin, great find. just earlier today i was reading the link posted by malthus from NYMag. Their fall preview is now sadly out of date.

"private school, aspirational spending, etc. or a wealthier purchaser who later decided a place in the Hamptons would be just the ticket."

from what i heard parents are already switching from private to public. guess depends on the area given the huge variance in the quality of public schools across the city. for some that might be the very last thing to cut along maybe with a part time nanny. an awful lot of nannies were let go though, they stop me in the supermarket offering themselves!

the hampton's mkt took a huge hit though, with increasing inventories and few buyers to be found... they might be in trouble trying to unload that one.

http://blogs.wsj.com/developments/2009/08/24/more-prime-borrowers-who-fall-behind-arent-catching-up/

http://blogs.wsj.com/developments/2009/08/18/has-government-intervention-stalled-home-price-declines/

stalled? no. slowed down? yes. prevented? no.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aI3Qb1UrT8ag