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Strategies & Market Trends : The Residential Real Estate Truly Cleaned Up Forum -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (205)5/11/2012 4:15:32 PM
From: John VosillaRespond to of 684
 
For the city with the greatest estimate of the time it will take to clear its inventory of foreclosures and short sales, New York City, it will take 202 months, or nearly 17 years.

Odd as home prices in most of NYC are quite high, rents are quite high and the percentage of upside down owners is low. A rat race pyramid scheme house of cards local economy built on finance and locals unrelenting belief RE always rises much higher at the next cycle top



To: Les H who wrote (205)5/11/2012 8:00:17 PM
From: Les HRespond to of 684
 
NY-area's foreclosures still rising

Still-deteriorating situation contrasts with improvements in other big cities. Backlog in state's "seriously delinquent mortgages" would take 69 years to clear at current rates.

crainsnewyork.com


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