New York Foreclosures On The Rise In August
September 5, 2008
Property Shark, the popular real estate tracking site, just released its Monthly Foreclosure Report for August 2008. Though the report indicates that four boroughs have seen a decrease in foreclosures, though they continue to rise in Queens. In fact, this month’s figure represents an increase of 113% from August 2007, and up 43% from July 2008, setting a two-year high for Queens.
What makes Queens different from the rest of the boroughs? Is it a higher concentration of subprime loans, more people laid off, or something else?
More likely is that this is a blip on the radar, an anomaly that will be wiped out in future months as the full impact of the foreclosure crisis hits New York City full in the face. As if to prove the point, on September 4, 2008 Toll Brothers Inc said that the condo market in New York City is not as strong as it was, and the company is “scared” about the market’s future amid deterioration in the financial industry.
“It has felt some of the storm that’s come to the residential real estate market in the country,” Chief Executive Bob Toll said during the company’s third-quarter conference call.
If you enjoyed this post, make sure you subscribe to my RSS feed!