Foreclosures

sure they will. That's what you silly kids have been saying for over a year. And except for undesireable areas in the outer boroughs, foreclosures have yet to materialize.

Foreclosures will happen below 96th Street in new construction in areas like FiDi and the far West Side. But it might take another year. Auctions are just around the corner, who would have thought that we'd see that 2 years ago?

"foreclosures have yet to materialize"

alpine, before opining, look up the difference between title and lien theory states. Tell us which one New York is, and how that affects foreclosures. Tell us how much time it takes on average for a foreclosure to take place in NY versus, say, CA or FL or NV. Then tell us what the procedure is for co-op foreclosures, and when they show up in the figures.

And then you will have the answer why things look the way they do in NY versus the rest of the country.

I think you will have a handful. Condos with lots of recent purchasers and far our boroughs for sure. Neighborhoods with old fashioned coop buildings? Not so much.

Those thinking we will have foreclosures like California are dreaming.....and how sick is that?

stevejhx, or you could just say the Manhattan has many less foreclosures than the rest of the country. Although it was nice to read about title and lien theory.

Don't worry guys. By this time next year, there will be tons of classic sixes in foreclosure selling for 40 cents on the dollar... NOT!

also, in New Jersey, foreclousres in February were down 40%, so this area seems immune to the foreclosure crisis.

foreclosures were done because there is a moratorium on foreclosures. wait till its over, then a big wave.

down not done

I believe New York is also a one action state, which means the creditor can take only one action in going after defaults, 1) go for all personal assets of debtor to satisfy obligation, or 2) go for foreclosure and only take the property back. A creditor can't go through foreclosure and then get another court action to get personal assets. It's likely that many creditors will take the longer route in getting the judgements to take all personal assets, which will delay foreclosures.

If by foreclosures we mean banks foreclosing on construction loans on condo developments and either auctioning the whole building or individual units or else hiring a management company to run it as a rental until the market turns, then yes, I think we should expect a fair amount of that in the next, say, 24 months. If instead we are talking about individual units where the owner defaults and the property ends up in foreclosure, I'm pretty much with UWSer (i.e., a handful). Even in the new condo buildings, some of the current dynamics (people not closing/walking away from deposits, or banks asking for 25% or 30% down on jumbo loans vs. between 10 and 20% a couple of years ago) will either nip potential foreclosures in the bud (because people don't close) or put a bigger equity cushion under the property (if they do). I think the sweet spot (maybe better termed the sour spot) for foreclosures would be new condos with 2006-08 occupancy where buyers overlevered (e.g., 90% mortgage) against a top-of-the-market purchase price. That house of cards can come down fast if the owner loses their job or has some other kind of financial setback.

alpine -- didn't you say that you were moving to dc and renting out your house in NJ? Why do you even bother being on streeteasy when you are not even part of the community?

stevejhx - could you spell out for the ignorant what you're talking about? 1) "title v lien theory" and 2) special rules for foreclosures on coops and 3) average time for a normal foreclosure in NY v CA

What's a good web site for finding NYC foreclosures?

If a property is desirable, wouldn't someone buy it on or about the time the lis pendence is filed? If so, do desirable properties ever get to the point of foreclosure?