Manhattan Foreclosures Spike in May

32 in all?

WOW!

Foreclosures in Manhattan rose 33% to 32
That's 32 foreclosures in the entire borough. So we went had an increase of 8 foreclosures? That's what you get from using CURBED as a news source and not understanding basic statistics. Perentages are meaninless when the base is this low.

Right Riversider. Only 32? If Manhattan is 22.7 square miles, that would be far less than one foreclosure per square mile for May. As opposed to the rest of the country which would be pleased to only have one per block. With these smatterings of foreclosures, I do find it ironic that there is a larger ratio of Coops as opposed to Condos. I thought that would be reversed, but then, only 32; it's not even an issue.

I bet most of those foreclosures are well outside PRIME Manhattan.

It's against the law to foreclose in Manhattan below 96th Street. That's just a Big FYI in case you're interested.

http://www.crainsnewyork.com/article/20110608/REAL_ESTATE/110609881

Crains reported it differently. They said there are 90 co-op units in foreclosure.

It also started out as a tiny crack I'm sure...
http://rookery.s3.amazonaws.com/920000/920120_aa2d_625x1000.jpg

"Backlog of Cases Gives a Reprieve on Foreclosures"

"In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure"

http://www.nytimes.com/2011/06/19/business/19foreclosure.html?_r=1

Buy a house you can't afford, don't keep up with your mortgage, live free. Take that, renters.

Seems to me it isn't the renters who get hurt, it is the lenders. Let's extend this to through your description that people can borrow, buy, and then live on for free (while renters have to keep paying)... If that continues then lenders (the real suckers here) stop lending, buyers can only borrow in cash, and anyone who wants to sell (like those presumed winners) will see a dramatic drop in liquidity in the market for the assets they now own.

So why do we want this trend to continue to the point that a renter looks like the sucker?

It is a shame people have such a short view on things that they can't even see the second order effect. And I won't even bring up unintended consequences.

Thanks to the lenders,we're in this mess. But they were too big to fail.

Of the world's 100 largest economies, 49% are nations and 51% are corporations, including banks.

How did they get so big? They've been steadily eroding all institutional barriers for the past 20 years.

Now they run everything -- politics, the courts, private militias. They also control the food supply, the oceans and the climate.

So better be nice to them, or they might tighten that noose......

"Of the world's 100 largest economies, 49% are nations and 51% are corporations, including banks."

I call utter and total bullshit on this stat. I want a source.

Most idiotic morons who say shit like this conflate market cap of companies with annual GDP, when in fact the GDP of say Canada is not even close to what it would cost to buy Toronto, let alone the entire nation.

Most idiotic morons conflate market cap and GDP, but fortunately some idiotic morons think otherwise, right?

"Presenting Obama's Latest $50,000 Non-Recourse, Interest-Free Gift To "Troubled" Homeowners"

"Today the Obama administration launched its latest $1 billion "stimulus" in the form of the Emergency Homeowner's Loan Program (EHLP), certainly not to be confused with Homeowner Emergency something something, which would be abbreviated HELP (and would be way too cute). The formal reason for the program is to provide emergency loans to 'homeowners' facing foreclosure, or basically all of them, to help tide them over "a temporary financial crisis", the Department of Housing and Urban Development (HUD) has announced. The informal reason is to provide thousands of Americans with a $50,000 recourse and interest-free loan for up to two years (money which will go down to paying down equity an underwater mortgage, and will thus never be repaid), so that earned income, instead of being used to make mortgage payments, will be rerouted into such far more critical capital needs as the latest iPad"

"So what about all those who lived within their means and actually do not need yet another bailout? They get the privilege of funding all of the above.

Enjoy."

http://www.zerohedge.com/article/presenting-obamas-latest-50000-non-recourse-interest-free-gift-troubled-homeowners