As foreclosures continue to pile up in the outer boroughs, the market for homes in distress is creating a new set of real estate problems. Brokers say it’s become nearly impossible to sell a home that’s not in foreclosure unless it’s done at a firesale price. In this week’s Webcast, appraiser Sam Heskel of HMS Associates also tells The Real Deal’s Jill Gardiner that investors are beginning to look at portfolios of homes in distress. “The last couple of months, I’ve been contacted a couple of times by investors which were looking at like $5 million or $10 million portfolios of single-family homes, mixed together with two-family homes in different areas in Brooklyn or Queens or Jersey.” Meanwhile, Ashleigh Rose Clark of PropertyShark said Queens has been hit hardest by distressed sales. Click on the image below to watch the full Webcast.
