Wednesday, February 4, 2009

Foreclosures on Staten Island Decline

Photo of painting @ Jimmy Max in Staten Island

As we all know foreclosures have been a big issue in the markets liquidity, but according to a Q4 2008 foreclosure report sent to me by Property Shark, foreclosures decreased in Staten Island in comparison to Q4 2007. When I was looking at the other boroughs in NYC, I saw that foreclosures in Queens went up 84%, which shows me that Staten Island is still a good place to invest.

People always ask the question "how do we know when the market will start to recover?" What people don't realize is that it's a gradual process and it won't happen over night, but there are certain indications you can look for to see if the market is starting to recover. For instance, compared to Q3 2008, the number of foreclosures decreased by 24% on Staten Island, which means we are "recovering" faster. These are golden nuggets of opportunities that I'm sure most of my fellow Staten Islanders have been waiting for. As the cliche goes, "Buy when there is blood in the streets".

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Anonymous February 5, 2009 at 12:12 PM  

Interesting and informative post!

I'm posting from California and we unfortunately are going through a drastic increase in foreclosures this past year. For the folks who need more information on foreclosures and options like loan modifications, I've provided some links below.

Check them out and remember to do your own research. There are many scams and frauds out there looking to take advantage of folks in these rough times. Desperation shouldn't be an option because it leaves you open to the sharks.

James M. Parsa
Attorney at Law
Parsa Law Group / National Loan Modification Center
Better Business Bureau Rating: