Foreclosures

I think in the less desirable areas, they do come around ... but even then, owners fight til the bitter end and the experience is miserable for everyone involved. Foreclosure is still unheard of in Prim Manhattan.

I've only lived here 10 years though ... maybe someone here since the 70s remembers differently.

Ahhhh... yes co-ops on 5th ave were trading for $1.00, no not a million... 4 quarters in the late 70's early 80's .... It'll come around to NYC soon enough youngins :)

Google Books has old New York Magazine archived now. Lots of interesting old articles from booms and busts of the past.

w67thstreet,

Surely those 1 dollar co-ops must have had maintenance of more than twice or triple+ the market rent at the time?

"owners fight til the bitter end and the experience is miserable for everyone involved."

Why would any owner not fight to the bitter end to hold on to their property? With so many people trying to beat it out of us, why shouldn't we put up a fight? Do you own a piece of property?

It is like my friend told me. There are honest predatory lenders and dishonest predatory lenders. Honest predatory lenders just want to take your house. They saddle you with bad loan terms in order to get your property. Dishonest predatory lenders expect you to keep paying the bad terms forever.

Actually I don't think banks enjoy foreclosing on folks, because it means that the bank is losing money.

I visited several dozen REOs in LA and the bank is losing money on all of them. I'm looking for 2BR/2BA and at a minimum 1000 square feet in a nice neighborhood ... found most REOs in that category are now asking in the high 400s to mid 500s whereas just 2 or 3 years ago the same property had been bought with a $800K to $900K mortgage.

there are almost no foreclosures in Manhattan. All those classified ads you see in the Post advertising foreclosed apartments for $50,000 with 1-800 numbers are FAKE.

I thought everything in the Post was fake. People actually read that paper? The only paper worse is the Wall Street Journal. Thankfully, you streeteasy people saved one of my friends from investing in a mortgage scam he saw written up in an ad in the WSJ.

I wouldn't be so sure the banks are always losing in these deals, after all, they did collect interest and fees on the loans. I think bank losses have been inflated because the banks have included all of the interest and principal they would have received over the life of the loan, which they're not getting anymore.

wow.