Does anyone see a time when the number of filed foreclosures will drop?

Asked by Eustace L Greaves Jr., LUTCF, Brooklyn, NY Thu Nov 8, 2012

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Nov 8, 2012
But if you're a buyer, the current Real Estate climate is def something you can take advantage of!
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Nov 8, 2012
You'll hear different things. The reality is that all reportings are just educated guesses. Some feel that as the unemployment rate drops, we'll see a drop to foreclosure filings. But if you think about it, someone who has been out of work, and now has found a job, doesn't necessarily mean they'll have the money to pay all backed up payments or that their new income will allow them to qualify for a modification. In reality NO ONE CAN SAY FOR SURE! There are just so many reasons for people to end up in foreclosure, things beyond unemployment rates, or efforts to modify a loan, or whatever else. I guess the day you notice that our economy has fully recovered and is growing, maybe then!
1 vote
Kathryn Lilly, Agent, New York, NY
Fri Nov 9, 2012
Filings are down in many areas. Remember all of the Real Estate is a local market.
0 votes
Luke Constan…, Agent, Brooklyn, NY
Thu Nov 8, 2012
Hello Eustace,
The truth is... No one knows. Our economy, the sub prime market, jobs etc all factor into this. There have been a few things done to stimulate the economy, help people who were in foreclosure, but they were really just a band aid being put on a gaping wound. Without getting into calculations, predictions by politicians and all that... Alot of people are still in dire straits.

There was a saying by Baron Rothschild a very long time ago that still stands true to anyone who has the means today:

" When there's blood on the streets... Buy property."

I don't know what side of the coin you are on Eustace, but if it's the right one give me a call. I Know the demographics of almost every neighborhood in Brooklyn, I was born here and have been in real estate for 15 years. Real estate still is the best investment you can make.

My direct line is (212) 300-3919

Good fortune my friend!

Luke Constantino
Prudential Douglas Elliman Real Estate
M: (212) 300-3919
D: (718) 935-6135
F: (917) 369-2690
325 Court Street, Brooklyn NY 11231
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