A foreclosure storyline is probably better without a tie, no?

Click here to view.

CNBC interviewed me for a story covering the growing foreclosure situation on Long Island and how it is entering Manhattan. Natalie Erlich did a nice job with the piece. The foreclosure tour bus running on Long Island is now entering Manhattan.

Foreclosure bus tours are appearing in other parts of the country. Some with boxed lunches!

What I find fascinating, is that there were only 23 residential foreclosures in Manhattan in Q1 2008 down from 25 in 2007, according to PropertyShark.com

Hardly a significant trend or pattern…no? There must be another justification to run the tours to Manhattan with such a low foreclosure rate. I’m guessin’ it was a publicity play, to contrast the resiliency of the Manhattan market.

UPDATE: Click here to view the second video for the storyline. The disconnect between the number of foreclosures and the ability to run a bus seems to be because there are middlemen that buy blocks of distressed properties before they go into foreclosure and then re-sell for a profit. Sort of an inverse flip.

One Comment

  1. Kim June 23, 2008 at 6:02 pm

    At least they are trying to get these properties off the market faster, which help the devaluating neighborhoods, that have to deal with abandoned homes.

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