According to RealtyTrac, foreclosures skyrocketed 115 percent over August of last year nationwide! In NYC the increase has been 30% over the same time period. Of all the boroughs, my beloved Brooklyn fared the worst. Last August we had 822 foreclosure filings, compared to 1,032 this year!
According to RealtyTrac, approx 10,217 homes in Brooklyn are in pre-foreclosure proceedings, another 1,297 are heading to auction, and 2,605 are already owned by banks.
Can you believe it?
As a real estate agent, what can you do to prevent buyers from getting in over their heads?
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EXIT means Safe Passage. Whether you are moving in, or moving out, when you EXITwithMarcia, that's what you get - a Safe and Smooth passage! I'm a Seniors Real Estate Specialist (SRES Designation).
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Hi Marcia:
My son just bought a co-op in Brooklyn.
As a real estate agent you can give information to your clients, but ultimately the decision is theirs.
How is your business doing?
Sandi Downing
NPDodge Real Estate
Foreclosure are definitely up. As a HUD broker, I identify with the increase. I stress to buyer to stay away from an ARM mortgage, but unfortunately not all heed to the advice.
Sandi - I agree. I make it a point of letting my buyers know the importance of checking the type of loan they are getting and to be clear on the monthly payments to avoid any surprises down the road. It's just sad to see so many shattered dreams.
Business is well regardless. I keep a positive outlook, and adjust my strategies as needed.
Congrats to your son on his new purchase! Hope he is enjoying the experience.
I was just on a site wwww.agentsonline.com. You definitely need to check it out. There I found real estate agents voicing their opinion of RealtyTrac. You definitely need to check it out. Great post.
And I am writing this comment because today-3/6/08,I just heard on the news that the foreclosure rate now has gotten even worse-Talking about trying to kill thing that is already dying.
The market simply correcting itself.....it happens in the stock market...it happens in every free market.