Following New York’s foreclosure frenzy

Number of homeowners defaulting still on rise citywide, with even Manhattan showing more signs of distress December 22, 2009 03:00PM By Melissa Dehncke McGill


Sam Heskel, founder of HMS Associates, who predicts a rise in foreclosures on high-end apartments
From the December issue: While green shoots may have sprouted in some sectors of the New York City residential market, there are plenty of other areas where that is far from the case. Foreclosures continue to ravage neighborhoods throughout the outer boroughs -- most notably southern Queens and parts of Brooklyn -- and more distress is quietly creeping into the Manhattan residential market. In this month's Q & A, appraisers, analysts and brokers who follow foreclosures told The Real Deal that while certain areas of the city are starting to level off when it comes to foreclosures, in others it's difficult to even find a "regular" nondistressed sale. One expert from New York University's Furman Center said that the third quarter of 2009 saw 6,000 foreclosure filings in the city -- the largest number since the research center started tracking quarterly data in the early 1990s. And worrisome trends are on the horizon. [more]

Tags: Deutsche Bank bill saniford century 21 best fillmore real estate foreclosures


Comments

Anonymous

Just the beginning. Next year, when more sub-prime notes readjust, foreclosures will outpace sales by 3-1.

Comment #1 Posted By: Anonymous 12/22/09

Anonymous

None of the people quoted in the full article have any extensive experience in Manhattan, including propertyshark, propertyshark after all is just a tracking web-site and nothing more. Staten Island ? Fillmore ? come on TRD you can do better, or maybe not.

Comment #2 Posted By: Anonymous 12/22/09

Anonymous

NYC/ Manhattan real estate is in deep. Price appreciation at 10-15% a year for almost a decade is the mother of all bubbles. A long huge bubble ready to burst. Popped about 23% already.At least 15% more to go. Some say 40% from peak to trough. Hold on to you hats if you bought in last 4-5 years!

Comment #3 Posted By: Anonymous 12/22/09

Anonymous

Foreclosures in Manhattan/ NYC?? Sounds very possible. shadow inventory up, interest rates to go to at least 6.5% soon, serious inflation, continued unemployment in NYC over 11%, fatiguing pent up demand, slow realization that market cannot appreciate for at least 3-5 yrs will lead to return to 2001 prices in about a yr or 2. Renting better than buying by far in Manhattan.

Comment #4 Posted By: Anonymous 12/22/09

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