Clear ’em out

From Dow Jones:

Foreclosures Drop in New York and New Jersey as Courts Pick Up Pace

dward Navarro, a former telephone clerk on the New York Stock Exchange, has been facing foreclosure on his attached two-family house in Woodhaven, Queens, since 2009.

On Friday, the 69-year-old had yet another day in court, his 12th in 14 months. While he was there, more than 200 people gathered in a nearby room, as court-appointed referees rapidly auctioned off 16 foreclosed properties, most of them modest homes like his.

Now there are signs of change. The number of pending foreclosures in New York City fell 5.8% in the first half of 2016, a steeper drop than in any full year since 2008, according to court-system data. In Nassau, Suffolk and Westchester counties, the number of pending cases fell 14% over the same period, the largest decline recorded in those regions.

In New Jersey, new foreclosure filings fell 28% in the first half of year compared with the same period in 2015, according to court-system data.

The drop in foreclosures has been attributed to several factors, from an improving economy, to speedier courts that are cutting down the backlog, to rising property values that prompted lenders to move more quickly with auctions.

Then in January, Justice Lawrence Knipel, the administrative judge for civil cases in Supreme Court in Brooklyn, ordered 6,000 foreclosure cases that had been handled by more than 20 judges to be turned over to a single judge. In an interview, he said that some judges had been reluctant to move the cases forward.

“Who wants to sign foreclosures? Not many people,” he said. “Judges were taking their time.”

Meanwhile, the bubbling real-estate market is driving up home values even in lower-priced New York neighborhoods with many foreclosures, such as Jamaica. Average New York City home prices rose 10% in the second quarter from the same quarter a year ago, according to the Real Estate Board of New York, to a new high. In Queens, average home prices rose 9% over the same period, and they were up 7% in Jamaica.

A study by PropertyShark.com, which tracks foreclosures in New York City, found 673 New York City properties scheduled for auction for the first time during the second quarter, a 33% increase from the year-ago period. The biggest increase was in the Bronx, followed by Queens and Brooklyn. That upward trend continued into July: In Queens, first-time auctions were up 58% from July 2015.

Jacob Inwald, director of foreclosure prevention for Legal Services NYC, a nonprofit providing legal assistance to low-income communities, said that for years, when home values fell, lenders “had no particular incentives to foreclose,” since that would make them responsible for a property’s upkeep.

Now, he said, “there are profits to be had.”

This entry was posted in Foreclosures, Housing Recovery, New Jersey Real Estate, NYC. Bookmark the permalink.

63 Responses to Clear ’em out

  1. The Great Pumpkin says:

    Anyone want to share their opinion on where housing will go in the next 3 years? Next decade?

  2. No Billion (the good one) says:

    @hillhulse

    Lesson from Huelskamp race:
    at some point your constituents want things from the government.

  3. GOP's broken (the good one) says:

    @hillhulse

    Lesson from Huelskamp race:

    at some point your constituents want things from the government.

  4. chicagofinance says:

    what is housing?

    The Great Pumpkin says:
    August 3, 2016 at 8:21 am
    Anyone want to share their opinion on where housing will go in the next 3 years? Next decade?

  5. Juice Box says:

    NYT – Another decade in the wilderness for “housing” in Las Vegas

    Underwater in the Las
    Vegas Desert, Years After the Housing Crash
    More than eight years after rotten loans and plunging
    home values made Las Vegas the center of the housing
    crisis, thousands of people have yet to recover.

    http://www.nytimes.com/2016/08/03/us/las-vegas-2008-housing-crash.html?_r=0

  6. Bystander says:

    Office depot closing 300 more stores, on top of 400 announced earlier this year. Most companies I know had a Staples or Office depot business account but I guess they finally woke up to fact that paying double for box of pens is not money well spent. In fact, my current IB has basically eliminated office supplies outside printer needs. We also have moved to print release process and elimnated half our HP printers (smart). They got did of individual garbage cans for central garbage model. One ply thin tp..all signs of robust economy. It feels like Russia 1970 here. Waiting for co. email stating to bring own tp. What extremes have other people seen recently?

  7. Libturd Yeats says:

    No facial tissues in our office in the city since people get stealing them for home.

  8. Alex says:

    6-

    Closing an additional 300 Office Depot stores will result in some 10 thousand employees losing their jobs.

  9. Ben says:

    GOP’s broken (the good one) says:

    at some point your constituents want things from the government.

    Black Lives Matter Releases List of Demands for the First Time

    https://www.yahoo.com/news/black-lives-matter-releases-list-190056794.html?nhp=1

    We know.

  10. grim says:

    One of the best outcomes of laws and regulations about customer information, PII, data security – no printers, no printing.

    Likewise, in many backoffice operations, clean desk policies – no paper, no pens.

  11. I think this the banks see this time period as the last, best chance to dispose of REO…before the next wave of foreclosures that leaves Pumpy crying as property values take the next high dive.

  12. Fast Eddie says:

    I have this intuition that we are beginning to see the end of time.

  13. grim says:

    Reparations? This is going to get interesting.

  14. grim says:

    Ok, that whole thing is bordering on nonsense. Control of police hiring? Retroactive forgiveness of all student loans? Free education? Minimum guaranteed income?

  15. grim says:

    There are a couple of very curious inclusions. Suspect there are a number of lobbyists that were involved.

  16. Bystander says:

    Gary,

    I saw an older white man as our new janitor. That has to be a sign of the end. Have not seen one of them in years.

  17. Libturd the bourgeois drone, feeling the Berning Cankles says:

    Agreed. I just read through most of it. It reads like the American Pussification Manifesto. Though it did take me back to my college days where I loved rock groups like Consolidated and Meat Beat Manifesto. 1 out of 200 were slave owners. Let them pay the reparations.

    Separation is no the answer, yet that is what the BLM movement preaches. It will be its undoing.

  18. [13]grim – If you don’t ask the answer is always no.

    Ok, that whole thing is bordering on nonsense. Control of police hiring? Retroactive forgiveness of all student loans? Free education? Minimum guaranteed income?

  19. grim says:

    18 – I should start working on my manifesto.

  20. Fast Eddie says:

    Bystander,

    I was thinking more on the “Clot” way of life, roaming gangs, etc. even if life exists at all!

  21. Mike says:

    I need a xanax

  22. grim says:

    I can understand padding your list of demands with additional asks that you are willing to give up, as part of your negotiation strategy. I also understand the negotiation tactic of a kind of comparative redirection, where you include incredible primary demands, such that the secondary demand seems minor in comparison, but it’s the secondaries that you wanted anyway.

    However, coming up with a list of demands so weighty, outlandish even, doesn’t ensure that you end the negotiation with a reasonable set of outcomes, it risks not even being invited to the negotiation at all.

    There are some great positions in this, ones I absolutely agree with, but there are some in here that are so unrealistic, that the risk undermining the whole position.

  23. Outofstater says:

    I want somebody, not sure who, to pay me reparations for the indignities my ancestors endured on this continent. They sold all they had to afford passage from Ireland and when they arrived, they were actually questioned and forced to have a cursory physical exam. Then when they attempted to find work, they were greeted with signs, “No Irish need apply” and worse, they were called “dirty Micks.”Oh and I want money from England too, to make up for their anti-Irish policies during the famine. And one last thing, my children are 1/32 native American but the cutoff for joining the tribe or opeimg a casino is 1/16. Totally unfair.
    On a more serious note, has there been any discussion of what constitutes “African-American?” Is it skin tone only or skin tone and continent of origin? What is the cutoff for “black?” Is there a card of the various human skin tones from palest white through tans to darkest brown (like a paint chip card) so a person can hold up their arm to see where they fall on the continuum of tones? Can one self-identify as a particular race?
    It comes down to what it has always come down to – money. There is too much money to be made setting groups of people against one another – at the community level with race, at the international level with war. Left and right, hot and cold – thermodynamics among the great unwashed. Jeez. Gotta get more coffee.

  24. Juice Box says:

    OWS was bigger, and much better organized than BLM and what happened to them? They were crushed under the jackboots of the PoPo, didn’t even need to call out the National Guard like they did in the 1960s.

    An older coworker of mine tell the story of how lived though the 1960s riots in Newark he is black and after the Riots joined the Nat Guard. He says it is the same demands now as then. The riots did not work then and it won’t work now.

    Walk down memory lane.

    https://partners.nytimes.com/library/national/race/071667race-ra.html

  25. 1987 Condo says:

    folks deciding to rent and fund retirement rather than buy…

    https://www.bogleheads.org/forum/viewtopic.php?f=1&t=196694&newpost=3003164

  26. Joyce says:

    To be fair, the PoPo today has better jackboots than the military did in the 1960s

    Juice Box says:
    August 3, 2016 at 12:11 pm
    OWS was bigger, and much better organized than BLM and what happened to them? They were crushed under the jackboots of the PoPo, didn’t even need to call out the National Guard like they did in the 1960s.

  27. Libturd the bourgeois drone, feeling the Berning Cankles says:

    As long as the fire department still has hoses…

  28. NJGator says:

    Sweeney bombshell: Investigate NJEA, cops union for extortion over pension threat

    Senate President Stephen Sweeney said Wednesday that threats by public worker unions to withhold campaign contributions unless the Senate puts a proposed constitutional amendment guaranteeing pension payments on the fall ballot amounts to “bribery” and “extortion” and should be investigated by state and federal officials.

    At a Statehouse news conference, Sweeney (D-Gloucester) responded to reports the state’s largest teachers union, the New Jersey Education Association, told county Democratic Party chairmen it wouldn’t release campaign cash until next spring as a cudgel to force action on the

    Sweeney said his office received a direct threat from the Fraternal Order of Police. He said he intends to request the U.S. attorney and state attorney general investigate the threats as violations of both state and federal laws on bribery.

    “I think a crime was committed,” Sweeney said. He added that unions can do what they want with their money, but when they hold it hostage to specific legislative action, that “crosses the line.”

    “These unions have made it clear that unless they get their way, they will deliver on their threats,” Sweeney said, calling it “an assault on the integrity of the legislative process.”

    http://www.nj.com/politics/index.ssf/2016/08/sweeney_calls_for_investigation_of_njea_pension_vo.html

  29. Libturd the bourgeois drone, feeling the Berning Cankles says:

    And now…can we all admit how NJ’s pensions got so oversized?

  30. 1987 Condo says:

    So it is not bribery if they give him the money and he votes their way, but it is a crime if they threaten not to give him money if he does not vote? I am very confused, lol

  31. Anon E. Moose, Second Coming of JJ says:

    Gator [26];

    I guess entitlement runs up the entire Democratic food chain.

  32. Anon E. Moose, Second Coming of JJ says:

    Lib [27];

    And now…can we all admit how NJ’s pensions got so oversized?

    Don’t care — spouse starts teaching again in September.

    Bought a house in ’12; got a government job with pension in ’16 — the JJ (financial) strategy from years back: don’t fight the tide.

  33. nwnj3 says:

    Sweeney will be running from governor next year so he’s going to be doing all kinds of things that appear to be out of character. From the looks of things early on he’ll be a strong contender and the likely Democratic nominee, he appears to have vanquished Fulop who hasn’t been hear from.

  34. Essex says:

    7. RF tag that shit….

  35. Essex says:

    26. That guy sounds like a fool.

  36. grim says:

    So what’s the deal with the Jersey City tax revaluation?

  37. nwnj3 says:

    Supposedly it will be done by November 2017, which is an interesting timeline. Throw in a delay or two and you wonder if they are running out the clock on Christie. My guess is it still isn’t done by then.

  38. Grim says:

    Two years eh? Sure sounds like it.

  39. Grim says:

    Icahn closing the trump taj, wow.

  40. The Great Pumpkin says:

    26-

    “Steinhauer said the union has spoken with its attorneys who assured “there is nothing illegal or unethical in what has transpired.”

    “NJEA’s support for politicians is not an entitlement; it is earned. We have a responsibility to use our members’ voluntary political contributions to support their priorities. NJEA has simply informed legislators and party officials that we are withholding support that we are under no obligation to give,” he said.”

  41. 30 year realtor says:

    Regarding the Pumpkin’s question on where real estate market will be in 3 years in North Jersey…By 2019 the bulk of the REO inventory will be gone. Increases in mortgage rates should keep the market from overheating. Likely 3 years of sideways with small loses and gains depending upon location.

    The Gold Coast from Edgewater to Bayonne is going to cool off more than the North Jersey market in general. Too much inventory. Vacancy rate is climbing steadily. Manhattan has caught a cold and the Gold Coast will catch something more virulent.

  42. nwnj3 says:

    Imagine being audited and telling them you’ll get back to them in 18 months or so. Wouldn’t be pretty.

  43. The Great Pumpkin says:

    Thank you. We have a similar outlook. You know how I feel about the housing market in the 2020’s, do you see the same? I know it’s a way off, but just would like to hear your opinion on the market in that decade.

    30 year realtor says:
    August 3, 2016 at 4:55 pm
    Regarding the Pumpkin’s question on where real estate market will be in 3 years in North Jersey…By 2019 the bulk of the REO inventory will be gone. Increases in mortgage rates should keep the market from overheating. Likely 3 years of sideways with small loses and gains depending upon location.

    The Gold Coast from Edgewater to Bayonne is going to cool off more than the North Jersey market in general. Too much inventory. Vacancy rate is climbing steadily. Manhattan has caught a cold and the Gold Coast will catch something more virulent.

  44. Comrade Nom Deplume, the Deplumiest. says:

    In Danbury Connecticut. Went to a diner and while I was outside by my car, a Lexus pulled in with a license plate that read “NY YAN”. The car had Yankees stickers and the driver was wearing Yankees cap. And I swear, it looked like Goose Gossage.

    Anyway, he pulled in the parking lot and turned around and left. The only thing I can think of was I was standing there with my Red Sox cap on and my Red Sox logo on my Acura.

  45. 30 year realtor says:

    #41 – Pumpkin…as I told my investors yesterday, my crystal ball is out for repair.

    Perhaps you should consult a fortune teller. Likely that would be just as accurate!

  46. 3b says:

    Pumps I thought you said real estate was going to be booming in the 2020 s?

  47. juice box says:

    Pumps – just like any of the other stalled mall projects in NJ it needs to be funded.

  48. The Great Pumpkin says:

    Yes, and think it still will. Haven’t changed a tune. As long as real estate remains the largest asset class in the world, you will continue to see the cycle repeat itself.

    3b says:
    August 3, 2016 at 8:18 pm
    Pumps I thought you said real estate was going to be booming in the 2020 s?

  49. A Home Buyer says:

    Yet another knife attack, UK this time.

    http://www.bbc.com/news/uk-36972126

  50. [48] That’s for sure, Pumply. You only know one tune and it sounds a lot like someone’s front teeth being run down a chalk board.

    Yes, and think it still will. Haven’t changed a tune.

  51. 3b says:

    48 but didn’t you say you agree with 30 years analysis ? His analysis does not appear to indicate that the 2020s are going to see rising real estate prices. In fact I would say quite the opposite. So which is it? Or are you just blabbering on again?

  52. The Great Pumpkin says:

    He didn’t provide a long term outlook. Only short term, for the short term, we agree.

    3b says:
    August 3, 2016 at 10:32 pm
    48 but didn’t you say you agree with 30 years analysis ? His analysis does not appear to indicate that the 2020s are going to see rising real estate prices. In fact I would say quite the opposite. So which is it? Or are you just blabbering on again?

  53. The Great Pumpkin says:

    The Great Pumpkin says:
    August 2, 2016 at 8:07 pm
    My take. North Jersey is hitting heavy demographic headwinds which was expected. Prices will probably remain mostly flat on the avg overall (some locations might even drop a few percentage pts, some prime locations will continue to rise at a slow pace). In 2019-2020 real estate should start moving up through most of that decade before it hits its next bust cycle late 2020′s. This is all based on the baby boomers selling (static or drop in price) in the next 2-3 years and then the next massive customer base (millennials) will take control of spending in the economy and drive real estate to new record levels. What this all means, boomers will create an oversupply of sellers holding prices in place or lowering them, followed by an enormous group of buyers that will drive up prices to levels never seen before.

    A lot of you are older, you have seen this rodeo before.

  54. The Great Pumpkin says:

    53- 30 year realtor says:
    August 3, 2016 at 4:55 pm
    Regarding the Pumpkin’s question on where real estate market will be in 3 years in North Jersey…By 2019 the bulk of the REO inventory will be gone. Increases in mortgage rates should keep the market from overheating. Likely 3 years of sideways with small loses and gains depending upon location.

    The Gold Coast from Edgewater to Bayonne is going to cool off more than the North Jersey market in general. Too much inventory. Vacancy rate is climbing steadily. Manhattan has caught a cold and the Gold Coast will catch something more virulent.

  55. My take is that houses on very busy streets will always be in demand because you can get there really, really fast.

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