Prime Foreclosure

http://therealdeal.com/newyork/articles/27637/elert?utm_campaign=rnewsletter&utm_content=The+Real+Deal+News+-+Residential+Real+Estate&utm_medium=email&utm_source=MadMimi&utm_term=%250D%250AForeclosed%2B1%2BCPW%2Bpenthouse%2Bgoes%2Bfor%2Brecord%2B%252433M%250D%250A

He's applying for a HAMP modification

yeah, you found 1 prime foreclosure in all of Manhattan.

From a billionaire no less. Nobody has said there are zero Manhattan foreclosures..

Alpo has trouble with math. We've shown him countless examples, and he tried to add them up and ends up with 1.

I guess the guy only has one finger.

The accurate statement is that Manhattan has a very low level of foreclosures...

But, being by far the highest priced and the highest in demand, getting to even that level is pretty significant.

If a crapbag company had small losses, probably not a major share hit. If Google did.... watch the F out.

There's no liquid market for $33,000,0000 properties. There was no choice but to foreclose

Why was Fortress doing residential mortgages?

> There's no liquid market for $33,000,0000 properties. There was no choice but to foreclose

Thats why we listed the foreclosures of the much cheaper properties as well in previous weeks. But this certainly puts the "prime" argument to bed.

And, it still makes it a foreclosure, and a pretty telling sign of the times.

you don't count foreclosures like One Madison or Sheffield 57? They certainly affect the price of apts in Manhattan

There will be no foreclosures.

"The Obama administration will announce a major new housing initiative on Friday that will directly tackle the problem of the millions of Americans who owe more on their houses than they are worth. "

"Who is eligible? Under one program, called HAMP, the Home Affordable Modification Program, you are eligible if you:

… live in an owner occupied principal residence, have a mortgage balance less than $729,750, owe monthly mortgage payments that are not affordable (greater than 31 percent of their income) and demonstrate a financial hardship. The new flexibilities for the modification initiative announced today continue to target this group of homeowners."

http://keithhennessey.com/2010/03/26/underwater/

Doesn't the stuy-town foreclosure count? That's a few thousand units right there.

"you don't count foreclosures like One Madison or Sheffield 57? They certainly affect the price of apts in Manhattan"

As I noted, alpo doesn't... count.

No, Stuy town is technically one foreclosure.

lol.