Home Buying in 11375>Question Details

xu liu, Home Buyer in 11375

I noticed there were 26 foreclosures(or pre-foreclosures) coming out yesterday in forest hills area from trulia.

Asked by xu liu, 11375 Fri Oct 9, 2009

Before that I thought there was no foreclosure in this area as forest hills is one of the most desired neighborhood in queesns.
can anyone tell me why suddenly so many foreclosures came out? what do you think the housing price in the future?
thank you!

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7
Hi Linda,
I think, alot of Banks and Pre-forclose sellers, are getting savvy, for example certain properties that are in the border line of Forest Hills, like corona, Rego Park, Kew Gardens, and Kew Gardens Hills, use a 11375 zip code to go along with that property address. You will see that the heart of Forest Hills like 68th Avenue to 74th Avenue prices actully climbing.
I thing the spring or Summer , you will see a Surge of Buyers and much less inventory, especiayl with a 35 year low on interest rates, and a slowly improving economy.
0 votes Thank Flag Link Thu Feb 4, 2010
I am in agreement with Peter Angelas, As broker we have access to MLS and REO properties are very slim to come by in the Forest Hills area. Remember there are a lot of coops and coops requiring larger down payments so that creates equity. It appears to be Flushing area.
0 votes Thank Flag Link Thu Feb 4, 2010
http://store.nypost.com/p/news/business/unemployment_fuels_g…

"I think we will continue to see foreclosures disproportionately impacting areas such as Queens, Long Island, etc.," Neiman told The Post in an exclusive interview, adding: "Due to job losses, we will also start to see a rise in those counties that were not previously as impacted."

Rick Sharga, senior vice president of real estate data and online foreclosure marketplace RealtyTrac Inc., expects foreclosures to keep rising here through the end of next year as the New York area, which had lagged other parts of the country, hits its plateau.

According to Sharga, New York has the longest foreclosure cycle in the country by far, with an average of 455 days from initial notice to sale.

The growth of delinquencies keeps adding fuel to the foreclosures mess. As of August, 10.5 percent of New York metro area prime loans more than 30 days delinquent were becoming cured, the industry term for returning to current payment status, according to statistics rating agency Fitch Ratings compiled for The Post.
0 votes Thank Flag Link Sun Oct 11, 2009
Hi, Peter,

from the address of those pre-foreclosures in trulia, I believe they are in forest hills area not flushing. Please take a look at each of them. I know forest hills is a very good neighborhood. that is why I ask this question. Can you prove these pre-foreclosures listed in trulia is not true?

thanks
0 votes Thank Flag Link Fri Oct 9, 2009
Hi Linda,
To my knowlege, I have not seen any foreclosures yet in this area. It might be Flushing, cause thats the main post office box for 11375.
I think Forest Hills is going to be "Another Brooklyn" and "Brooklyn is another Manhattan"
I also want to ad that the Public schools in Forest Hills are some of the top schools in NYC.
0 votes Thank Flag Link Fri Oct 9, 2009
Hi, Charles, did you really look into the area? today(10/09) there are 24 pre-foreclusures in forest hills(11375) while there are 15 ones in rego park(11374) from trulia. do you mean the data from trulia is not reliable?
0 votes Thank Flag Link Fri Oct 9, 2009
Hi

I was looking into that area and I really don't see the so many foreclosures, this area is a good area. Sometimes the surrounding area might have some foreclosures but not Forest Hills. Do you have some specific houses that you see? The price in this area going forward will stay the same for now, not much increase going forward as well as no more decrease.
0 votes Thank Flag Link Fri Oct 9, 2009
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