Saturday, November 20, 2010

Foreclosure and Manhattan

1.  In Manhattan, residential foreclosure rate is almost non existent.  Even if there are foreclosures, the properties would still get close to market price because of demand and market efficiency.  

2.  Q3'10 US national average foreclosure rate is 1 out of every 139 properties.  Highest foreclosure city is Las Vegas at 1/25 .  Amongst largest 20 cities, the region of New York/Northern Jersey/Long Island has the lowest rate at 1/362.  This metro area includes all NYC boroughs, northern Jersey and Long Island.  As the most prime area in metro NYC, Manhattan's rate would be much much less than the 1/362 number.  Refer RealtyTrac's Q3 report for details.  

3.  Graph below shows % of properties in negative equity.  US average is 23% but NYC metro, which covers a much broader area than Manhattan, is only 10%.

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