NYC foreclosure pipeline declines:

The word "possible" is heavily laden with ironic undertones in that sentence.

"In a possible indication that the foreclosure cycle has already reached its peak in New York City, July became the sixth straight month in which fewer homes than last year made their entry into the state's foreclosure pipeline, according to data from RealtyTrac released today"

THis is pretty funny, 45 words of saying absolutely nothing. I didn't even read the article. Why would anyone read the article after this highlight? I'm seriously asking.

In a possible indication that the oil spill has already reached its peak in the Gulf, July became the sixth straight month in which more oil than last year made it's entry into the Gulf's waters, according to data from Moby Dick released today.

Six months in a row does suggest a trend.

"Six months in a row does suggest a trend."

Sequential data in the same direction only count as a trend when the data are negative. Basic rule of the SE boards. I thought you would know this by now.

This is an actual question. I would love to know the answer. When a developer goes into foreclosure on a condo building, how is that counted by interested parties that spew data out every month. Is it counted as one commercial foreclosure? Or can it be counted --which begs the question, does any media/RE org count it this way --300 residential condos in foreclosure this month?

So with William Beaver, One Madison, 99 John street and perhaps soon --The Setai and 20 Pine--have those condos/will those condos be counted as residential foreclosures. If not, why would we give any credence to any report on Manhattan foreclosures.

Sidelinesitter, very true. I recall the strong protests about rents against rents having bottomed only to see today that one month free rent is no longer occuring.

wait - i thought that the inherent delays in the process in NY would mean that we would increasing numbers of foreclosures - why are they decreasing? I've always stated that NYC, and especially Manhattan, would be far less affected by the foreclosure process than other parts of the country, but even I'm surprised by this. Can someone who is more knowledgeable with the process and numbers please explain?

NYC includes the five boroughs. Manhattan is less affected, There are neighborhoods in Queens, etc that have some exposure. But your point is correct, NY is not California.

1510 Lex TWO months free rent
808 Columbus Ave TWO months free rent
400 west 63rd One month free rent
Avalon Fort Greene 1-2 months free rent

http://www.cityrealty.com/new-york-apartments-for-rent/

point taken, they are just less available.

stevejhx 2 years ago the biggest loudmouth of the end of Manhattan.....no where to be found.

He's like that newly crowned startup CEO convincing you to invest 50k in his company while handing you gold plated prospectus. Wining and dining you and your investor friends right up until he doesn't return your phone calls combined with a "for rent" sign at his formerly plush office.

> stevejhx 2 years ago the biggest loudmouth of the end of Manhattan.....no where to be found.

omg, the guy who came out with an entire thread asking to be banned.... and he's still posting this kind of juvenile nonsense a week later!

Seriously, steveF, you don't get how you are worse than anyone you complain about?????!??!?

btw, I found him, he's calling you out here:

http://streeteasy.com/nyc/talk/discussion/15140-employers-begin-rehiring-the-laid-off?last_page=true

NYC foreclosure notices decline
June 11, 2009 11:15AM
"Six percent fewer homeowners received foreclosure notices last month than in April, according to statistics from RealtyTrac released yesterday. The number of foreclosure notices fell 9.3 percent year-over-year, to 1,885 notices. But if unemployment jumps again, it could trigger an increase in foreclosures, said Daren Blomquist, a RealtyTrac spokesperson. Of the boroughs, Queens saw the highest number of foreclosure notices, with 713, but that foreclosure rate was still down almost 13 percent from April and almost 16 percent year-over-year."

http://therealdeal.com/newyork/articles/nyc-foreclosure-notices-decline-realtytrac

While it is certainly a good thing if fewer people are loosing their homes (or investment properties) to foreclosure, from what I've read on CalculatedRisk the number of short sales are increasing nationally, (and there is a gvt program to expedite this) so I'm not willing to bet that we're out of the woods yet wrt distressed properties.

It would be great if we actually knew the number of short sales for NYC, but I haven't seen any data on this anywhere. An issue with Realtytrac data is they don't have data on short sales unless the legal paperwork is filed for a lis pendens. I went and saw a Manhattan condo last week that was a short sale but wasn't in the Realtytrac database...

Another apt in the same building was in Realtytrac. The building was a condo conversion from around 2006, so everyone must have bought at peak and are now hurting. The short sale unit I saw seems to have been an investment property as it had a tenant.