NYC Foreclosures on Bloomberg TV

And where were the foreclosures? Jamaica? Bed Stuy?

Highlighting them at the Trump properties, actually. Although, they did mention Harlem and Queens would probably be the hardest hit, but it doesn't take a rocket surgeon to figure that the areas that had come the farthest would fall the hardest.

Will be interested to read the piece, because I've been wondering whether, and how, foreclosures and short sales might impact condo prices . . . I know, I know . . . co-ops are teflon-coated against that possibility . . .

rocket surgeon? I think you meant brain scientist.

They are probably talking about the end of the 90 day statewide moratorium that I think has now ended.
So chances are they are going to play up those numbers. "If it bleeds it leads"
All in all the foreclosures rate in Manhattan at the end of Q4 was 1 in 33,273 homes.
BTW Staten Island leads the way.

It was about the moratorium and it wasn't drastic, but the point was that it's actually reaching that point. The number they talked about for NYC was 1 in 171, which was city wide. Still, averaging from 1 in 33,273 to 1 in 171 is pretty drastic.

Still not up on the website, yet.

Here, try this report to theirs:

http://www.crainsnewyork.com/article/20090108/FREE/901089973

Oh, just so there is no mis-understanding. When you say "NYC was 1 in 171, which was city wide" you do realize that NYC is CITY WIDE. NYC is made up of 5 boroughs, Manhattan is just one of them.

InvestorMan, what is a rocket surgeon??

Jamaica, Queens and all of southeast Queens has been hit hard by the foreclosure problem for the past year now. It was prime area for subprime loans, no docs, etc.

"rocket surgeon? I think you meant brain scientist."

Have you ever seen a rocket with a herniated liquid oxygen oxidizer? Not a pretty picture. And hell to get in the emergency room.

Gee, Ruff, thanks for that clarification about the 5 boroughs thing. For this time I've been living in Astoria, I thought it was Kentucky...

So, Crains says one, BBTV says another. Honestly, I think all the numbers are BS and can be bent into whatever the article writer wants them to be. I saw the piece on TV, hoped the article would follow on their website, and wanted to put it up for thought. But, I can't find it on the website.

Either way, this situation is ugly. Will it get uglier? Some of us think so. Could it not? Sure. I personally think Manhattan prices, regardless of it's resilience, desire, pull, whatever, are and have been at ridiculous levels that were only achieved by extremely lax lending practices, record highs in the stock market, record bonuses paid to a ballooned Wall Street job market, and a view that "it'll never happen here."

The balloon has popped, the lending practices are gone, the stock market is tanked (and probably going further), the bonuses are probably gone, the profits are gone, and prices are falling. History is a mofo when it comes to repeating itself and, well, the NYC market has seen multiple booms with busts that followed bringing prices down, including in untouchable Manhattan, more than 50%.

I'm buckling up for it, and much worse, to happen again. If it doesn't, well, I look like an idiot and maybe miss out on another balloon inflating; but I still have my money. If I'm right, well...who knows what'll happen...

from InvestorMan: "If it doesn't, well, I look like an idiot and maybe miss out on another balloon inflating;"

sorry to tell you, but YOU ALREADY LOOK LIKE AN IDIOT. Posting an article that no one else can see to verify, having another poster give a link to an article that conflicts what you said, and using the term "rocket surgeon."

There's gotta be 'flippers' out there who bought close to peak in newer condo developments and won't be able to rent out their place, or at least not for enough to cover costs, and won't be able to bleed indefinitely . . . or is this another phenomenon that 'can't happen in Manhattan'?

What do you guys have against rocket surgeons? Rockets get sick too you know..

kingdeka - thanks for your observations. First off, I didn't say it was an "article," I said it was "on Bloomberg TV." Ya know, that box that talks at you and has the movin pictures? I was watching it and, well, saw the piece. USUALLY, they post up an article or, hell, even a video of the segment but it looks like, this time, they didn't. Guess I'll have to give 'ol Mike a call and ask him what the deal is...

Second, "rocket surgeon" is a fuggin joke. Actually, I believe it was a commercial that coined that term. Eggo waffles commercial? I can't remember.

Anyway, I have no real care if you think I made it up or not. I didn't, I know I didn't, I saw the segment on TV and took in the information, and that's all that really matters to me. I also, tried not to post facts, since I couldn't document them. I did, however, try to post it up quickly to see if, perhaps, anyone else on here was tuned into BBTV and saw it. I also hoped there would be a follow up article on the website, but there was not. Such is life.

Alpine, I have nothing against the surgeons. I'm actually part of a coalition, No Rocks for Rockets, that calls for an end to the senseless stoning of any and all rockets. So often, after many of NASA's failures, people forget the plight of the rockets. Only they can prevent rocket fires.

Ahhh, here it is:

http://www.bloomberg.com/avp/avp.htm?N=tvtoday&clipSRC=http%3A%2F%2Fvideo-static.clipsyndicate.com%2Fcs-video%2Fvol2%2F2009%2F2%2F3%2F58%2F351%2Fd9cca8a8-a9f8-48b6-999b-1ed1e0bc02ec.flv

Kingdeka - eat it.

Wow, some people are REALLY in denial.

Thanks, InvestorMan, interesting posting.

Here's another one of the big reasons why NY State is so much further behind the rest of the country in foreclosure filings:

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp

Pay particular attention to the "Process Period Days;" especially compared to the "trouble" states like CA, FL, and NV. Think, perhaps, this is why it seems NY hasn't been hit as hard as the other states? With a time period nearly 4x more than the average, methinks so.