Despite July lull, more NYC foreclosure pain imminent?

TRD New York /
Aug.August 24, 2010 03:45 PM

Click image for larger version
 

A double-dip will strike the New York City housing market in four to eight months, according to Bill Staniford, general manager of real estate research website Property Shark, which released its monthly foreclosure auction report today.

The report, which measures the rate of newly scheduled foreclosure auctions, showed progress in all five boroughs last month, compared to July 2009, with all but Brooklyn seeing double-digit declines in the number of foreclosure auctions scheduled. Staten Island led the charge, declining 57 percent during that time, while the Bronx and Queens each dropped 44 percent. Manhattan saw a 30 percent reduction, while Brooklyn’s year-over-year rate dipped just 8 percent.

Still, Staniford described this reduction in foreclosure activity as the calm before the storm, noting that recovery may be more imagined than real.

“To me this is the lull where we’ve — psychologically speaking — felt like [we were] coming out of the recession and that’s why we see those numbers down,” Staniford said.

Staniford noted that Queens will, once again, likely be hardest hit by the potential second foreclosure wave, describing the borough as “a perfect storm” for housing distress.

“It’s got lower-income housing, it’s [got more] single-family homes, people who are getting hit the worst with job layoffs,” Staniford explained.

As with the most recent foreclosure wave, Staniford said Staten Island will feel pain, while Manhattan will sail through. Brooklyn, however, may not be as lucky as it was last time.

“Brooklyn pretty much avoided the last [foreclosure crisis] because it’s a hot area,” Staniford said. “But it’s not going to escape this one.”

 

Related Articles

arrow_forward_ios
(Getty, iStock)

Hudson’s Bay, Simon Property Group hit with $846M foreclosure lawsuit

Hudson’s Bay, Simon Property Group hit with $846M foreclosure lawsuit
Citizens Bank CEO Bruce Van Saun and SL Green CEO Marc Holliday with 106 Spring Street (Getty; Sl Green; Google Maps)

One of Soho’s priciest retail spaces heads to foreclosure

One of Soho’s priciest retail spaces heads to foreclosure
Senator Mitch McConnell and House Speaker Nancy Pelosi (Getty)

$2.2T House stimulus package would ban evictions for 12 months

$2.2T House stimulus package would ban evictions for 12 months
Governor Andrew Cuomo (Getty; iStock)

Commercial evictions, foreclosures halted through October

Commercial evictions, foreclosures halted through October
Tillary Hotel at 85 Flatbush Avenue (Image via Kutnicki Bernstein Architects)

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure
A million homeowners haven’t requested forbearance on their mortgages — and are now at risk for foreclosure and eviction. (iStock)

1M struggling homeowners didn’t request forbearance. Now what?

1M struggling homeowners didn’t request forbearance. Now what?
U.S. foreclosure filings in August jumped 11% as some states ended relief measures, though continued government intervention has prevented sharper increase (iStock)

US foreclosure filings jump as some states end relief measures

US foreclosure filings jump as some states end relief measures
FHFA director Mark Calabria (Getty; iStock)

Fannie and Freddie extend eviction, foreclosure moratorium

Fannie and Freddie extend eviction, foreclosure moratorium
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...