More evidence of Manhattan housing strength

from the observer....

SteveF - you still haven't been able to sell your apartment? How long has it been on the market? Or did you just buy this spring?

farquhar.....now THAT is played....i have no reason to sell..they are all rented up..with great tenants.

Oh, you're a landlord, good for you. That means you have lots of patience. For a second I thought you were one of these morons who claims NYC real estate only goes up or bought really recently and is having buyer's remorse.

"Manhattan had 11 first-time foreclosure auctions in August, the same amount it had in August 2007, and in line with a general trend of the borough being insulated from the foreclosure wave cresting nationwide and just across the bridges."

steveF, you have no clue. First of all, it takes nearly a year to institute a foreclosure procedure in New York State, meaning that sellers have a long time to sell before the foreclosure occurs. Second of all, co-ops are not included in foreclosure filings until after the foreclosure occurs.

Third of all, New York is a lien theory state, wherein the lender only has a lien on the property and title is held by the borrower. Many states, such as California, are title theory states, where the lender holds title to the property through a deed-in-trust, and the borrower is established as the trust beneficiary. Therefore, foreclosure is as easy as eviction.

Fourth of all, almost all states allow for summary foreclosure proceedings, often after 91 days of nonpayment. In Georgia, for instance, after 91 days foreclosure occurs and properties are auctioned on the courthouse steps.

You know not what you speak.

Wait - SteveF - you DID buy within the last 12 months, didn't you? Tell the truth. Or do I have you confused with someone else (petrfitz or houser maybe).

How long Manhattan real estate are you, by the way?

Steve, are you an attorney or did you just blow one? I've never seen a guy who thinks he knows more than you puport to...about everything.

stevejhx: Correct. Very time consuming to foreclose in NYS. And, what about right of redemption?