Foreclosure Backlog Estimated at 1.7M

I'll have to look where I saw it, but within the past few days I saw an article which claimed that less buyers are interested/willing to buy foreclosed properties to live in.

Why would they be less interested eludes me, since generally speaking they are cheaper.

"The most prevalent negative sentiment was a fear of hidden costs which was held by 69 percent of respondents. A feeling that the process is risky was expressed by 48 percent, and a fear that the home will lose value was voiced by 35 percent."

30...an article may say that..but , as mimi notes, it doesn't really make sense.

Anyway, getting back to NYC re, are there enough foreclosures in the boroughs that this article has much relevance.

Slightly off topic, the fact that various nyc buildings are getting , apparently, fha approval which allows very low downpayments just seems nuts as a policy for the government, and I really don't know if it is widespread enough to have much impact on the market.

As to NYC:
Foreclosure activity is through the roof in New York City.

With city unemployment at 10.3%, the number of New Yorkers at risk of losing their homes surged 85% in November compared with November of last year, according to stats set to be released today by foreclosure listing firm RealtyTrac.

Part of the increase is due to a legal change: A year ago, foreclosure activity in the city was delayed because of a new state law requiring lenders to give some homeowners an additional 90 days' notice before starting the foreclosure process. Lenders are now catching up.

In all, 1,949 homes in the five boroughs received some form of foreclosure filing in November - a 7.7% increase from October 2009.

Brooklyn was hit hardest with 749 foreclosure filings, more than triple last November and up 38% from October. Queens came in second with 540 foreclosure notices, up 5.5% from last year, but down 23.5% from last November.

Of the types of foreclosure filings received by New Yorkers, the majority were default notices, which mark the first stage of the foreclosure process. They tripled in November compared with a year ago.

"With unemployment high, you can expect foreclosures to remain high," said Michael Hickey, executive director of the Center for New York City Neighborhoods, which provides free housing counseling and legal services.

While foreclosure activity is rising, the percentage of homes at risk here - one in every 1,706 - is small relative to the rest of the country. In November, 306,627 U.S. homes - one in every 417 - received a foreclosure filing. That was up 18.4% from last year, but down 7.7% from October.

pfurman@nydailynews.com

no way, Alpo said there are no foreclosures in New York City.

Of course, he's never been here....

When someone makes dramatic statements about NYC and relies exclusively on the 718-area-code market, I tend to discount what s/he has to say.

I generally discount what folks who forget that the 718 is 81% of the population of NYC... thats much less a mistake than confusing "New York City" with the 212... which is what you seem to have done.

I think a major concern buying a foreclosed property would be across the board deferred maintenance which could have serious implications for a home structure... If the property was a flip as well... add on shoddy workmanship, cheap construction, etc...

"no way, Alpo said there are no foreclosures in New York City."

I said there are no foreclosures in Manhattan dimwit. Please don't waste my time woth foreclosures in Bed Stuy or some other ghetto.

or the ghetto of New Jersey...

somewhereelse, in the NYC metro area, when we talk about "the city" or "NYC," etc., we typically mean Manhattan--especially in the real estate contexts.

This is how we can tell when someone isn't from around here. I am just sayin'...

"30...an article may say that..but , as mimi notes, it doesn't really make sense."

Buyers acting irrationally? Can't happen? I'll have to think about that one...... NOT!!!!!!!!!!!!

Bill Saniford

CEO, PropertyShark

What are you seeing in Manhattan in terms of foreclosures, and how does that compare to what you've seen over the course of the last year?

It is miniscule and not that significant. [But] in my opinion, Manhattan in general is at risk right now. There are significantly more lis pendens being filed in Manhattan than I have seen in a long time. That does not bode well for Manhattan. When people start going into lis pendens hopefully they will face reality and start dropping prices. If that happens I do believe that homebuyers will start coming in and scooping them up. These things tend to get worked out before the foreclosure process.

Lis Pendens is Manhattan / (212) talk for suit pending.

"This is how we can tell when someone isn't from around here. I am just sayin'..."

I guess somewhereelse does not live in Manhattan. He must live someplace horrible, like NEW JERSEY. How's the view from Jersey City somewherelese? So sorry, but there are no foreclosures for you. Looks like your going to have to keep living on THAT side of the river for a very long time. Oh well.

and I should further elaborarte that when we say NYC, we mean not just Manhattan, but Manhattan below 96th Street. So please don't waste our time with foreclosures on 125th St.

> This is how we can tell when someone isn't from around here. I am just sayin'...

So you're describing yourself? You got here, when, 2002?

"somewhereelse, in the NYC metro area, when we talk about "the city" or "NYC," etc., we typically mean Manhattan--especially in the real estate contexts."

Yup, sounds like you learned that on sex and the city. You are mistaken here. "the city" yes, "new york city", nope.... try again.

- Born and Raised.

> I guess somewhereelse does not live in Manhattan. He must live someplace horrible, like NEW JERSEY.

No, just you alpo. I'm right in the middle of that island you only get to see on TV.

> How's the view from Jersey City somewherelese?

Don't know.... I see Jersey City out my window.

> So sorry, but there are no foreclosures for you.

So sorry, but you're still a moron. You should come visit NYC sometime.

Then you might notice something like the Sheffield 57 foreclosure.

Wait, thats Manhattan, right? No, can't be! There are no foreclosures in Manhattan!

(i guess you think thats right when you've never been here)

> Looks like your going to have to keep living on THAT side of the river

Dude, why are you saying "that side". You live there. Jersey is your side of the river. So you should be saying "this side of the river". But you'd still be wrong... only you that lives there.

> that when we say NYC, we mean not just Manhattan

By "we", you mean you and the rest of the people at the Jersey Shore?

Dude, you really hit that girl hard!

"Record Foreclosure activity in 2010"

"RealtyTrac ... today released its Year-End 2010 U.S. Foreclosure Market Report, which shows a total of 3,825,637 foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on a record 2,871,891 U.S. properties in 2010, an increase of nearly 2 percent from 2009 and an increase of 23 percent from 2008."

http://www.calculatedriskblog.com/2011/01/record-foreclosure-activity-in-2010.html

http://www.cnbc.com/id/41059824
====================
The foreclosure Dump!

"... Sharga estimates as many as a quarter of a million foreclosures that should have happened in 2010 will now be pushed into the 2011 numbers, and added to an already huge supply of bank owned properties. The four biggest banks already have close to $7 billion worth of foreclosed properties (REO) on their books, and Fannie and Freddie have about $24 billion collectively. While REO sales make up about one third of all sales in the current market, there is an estimated 3 year supply. ..."

Where are all of the foreclosures in prime Manhattan that steve & Co. have een predicting for the past 2 years?

"More banks walking away from homes, adding to housing crisis"

"Research shows 1,896 red flag homes in Chicago appear to have been abandoned during foreclosure process"

"A new type of property is adding to neighborhood blight: the bank walkaway."

"Abandoned foreclosures are increasing as mortgage investors determine that, at sale, they can't recoup the costs of foreclosing, securing, maintaining and marketing a home, and they sometimes aren't completing foreclosure actions."

"In 2010, the city demolished 535 homes, the most annually in more than a decade and far more than the 283 residences torn down in 2009 ( )"

http://www.chicagotribune.com/classified/realestate/foreclosure/ct-biz-0113-walkaway--20110113,0,515928,full.story

Chicago following Detroit? That's bad news. :/

careful now alpo, i cant watch your back if you start bulling up on me

I've seen a few manhattan foreclosures on realtytrac...

"Foreclosure Backlog Hits 30 Months As Option-ARM Cliff Arrives; Average Delinquency Period 537 Days"

"As of the end of February, foreclosure inventory levels stand at more than 30 times monthly foreclosure sales volume, indicating this backlog will continue for quite some time. Ultimately, these foreclosures will most likely reenter the market as REO properties, putting even more downward pressure on U.S. home values." That is assuming Banks manage to bribe enough people to allow them to get back to foreclosing on tenants with improper loan docs (something we have no doubt will happen).

And possibly far more troubling is that the Option-ARM trap is finally slamming shut: "February’s data also showed a 23 percent increase in Option ARM foreclosures over the last six months, far more than any other product type. In terms of absolute numbers, Option ARM foreclosures stand at 18.8 percent, a higher level than Subprime foreclosures ever reached."

http://www.zerohedge.com/article/foreclosure-backlog-hits-30-months-option-arm-cliff-arrives-average-delinquency-period-537-d

"Homebuilder to Buy Distressed Homes and Rent Them"

"Beazer Homes ... is acquiring newer homes in distress--including some it built--and renting them out. "

"This seems like a dumb idea for a "home builder". The scale is insignificant, and they have no special expertise in being a landlord. I guess they need something to do."

http://www.calculatedriskblog.com/2011/04/homebuilder-to-buy-distressed-homes-and.html

Home being foreclosed upon? Don't worry! Turn it into a billboard for profit!

"Would You Turn Your House Into A Billboard If The Advertiser Paid Your Mortgage?"

"Having trouble making your mortgage payment? Think the paint job on your house could use some splash, color and branding? Then there's an ad agency you might want to talk to.

Ad firm Adzookie claims that, for people willing to turn their homes into billboards, it will make their monthly mortgage payments."

http://consumerist.com/2011/04/would-you-turn-your-house-into-a-billboard-if-the-advertiser-paid-your-mortgage.html

"Banks To Get Away Scott-Free Again? Mass Fraudclosure Settlement To Be Announced Today Without Financial Penalties"

"As we noted earlier, JPM recorded $650 million in costs to "foreclosure-related matters" read legal costs associated with Robosigning (and if JPM is over half a billion, BofA legal invoices are certainly in 9 digit territory by now). Obviously, this is a situation that has to be resolved as USSA kleptocracy can not be forced to pay for prior (and ongoing) transgressions. Which is why we were not surprised to learn that "Bank regulators plan to announce settlements later on Wednesday with the largest lenders over allegations of shoddy foreclosure practices, but the pacts will not include financial penalties." "

http://www.zerohedge.com/article/banks-get-away-scott-free-again-fruadclosure-settlement-be-announced-today-without-financial

Utter and complete BS.

WHere are all of the foreclosures in PRIME Manhattan that stevejhx has been warning about for the past several years? Seriously, where are they? Again, I said PRIME Manhattan, do don't waste my time with ghetto garbage.

how about ..... "shadow inventory" ..... that's been screamed about for much longer than the predicted foreclosures

"In New York and New Jersey, according to Sharga [RealtyTrac], it's more than 800 days now between when a typical delinquent borrower first receives a notice of default to when the home goes to a sheriff's sale."

Do the math... That's more than 2 years, and likely increasing. The problem is not gone, it's just taking a very long time.

"Foreclosure Filings Drop in Brooklyn, Rise in Manhattan and Queens"

"The number of lis pendens filings have dropped, too, by 23 percent from last year. Brooklyn and Staten Island are both on the foreclosure decrease bandwagon, with 54 percent and 20 percent drops in foreclosures, respectively. ( ) Manhattan's foreclosure filings were up 4 percent from last year, and filings for Queens were up 3 percent."

http://ny.curbed.com/archives/2011/05/05/foreclosure_filings_drop_in_brooklyn_rise_in_manhattan_and_queens.php

When the rate of death decreases Bc 99% of people are already dead.... Tis might not be a good sign!!!!!!

Watch out below. Flmaozzzzzzzzzzzzzzzz. An extra z for manhattan.