Bronx real estate (New York, Woodstock, York: 2014, mortgage, refinance)

[Norwood Boy]

Almost a fifth of Bronx homeowners owe on their mortgages | New York Post, http://www.crainsnewyork.com/article...ers-underwater

Remember when buying anywhere, Location, Location, and Location.

[bluedog2]

Originally Posted by Norwood Boy

Almost a fifth of Bronx homeowners owe on their mortgages | New York Post, http://www.crainsnewyork.com/article...ers-underwater

Remember when buying anywhere, Location, Location, and Location.

Norwood Boy,the national average of people under water is 18.5% so the difference is a whopping 1%.Sorry,but I really don't see any big news here.If 30% or 40% were under water and the national average was only 15% or something it might be meaningful.

Actually,since The Bronx is one of poorest counties in the whole country,I'm kind of surprised that the percentage of people under water ISN'T significantly higher than the national average.

Also,the story linked has nothing to do with BRONX Real Estate, as you put it, because within The Bronx there are many neighborhoods with healthy markets and relatively few people under water.If you have been following the whole mortgage fiasco thing you should know that the vast majority of underwater Bronx homeowners are in two areas ……Williamsbridge/Wakefield and Throg's Neck.It's been estimated that in those neighborhoods the "underwater rate" actually is 30 to 40%.

Finally,you should also realize that the whole mortgage meltdown nationally had little to do with where people bought their houses or even how much they initially paid for them. The problem came about because people everywhere used their houses as ATM machines and refinanced over and over,taking out more money than the houses were ever worth.The banks were all too willing to play the game.A lot of people who are categorized as "under water" on their mortgages may not really be under water because they already took a boat load of cash out and used it for other things.

[hilltopjay]

Originally Posted by bluedog2

the vast majority of underwater Bronx homeowners are in two areas ……Williamsbridge/Wakefield and Throg's Neck.It's been estimated that in those neighborhoods the "underwater rate" actually is 30 to 40%.

Well that may be a blessing to have those houses in Wakefield and the ghetto part of Williamsbridge under water as maybe a better, more middle class family may scoop it up and improve the area.

[bluedog2]

Originally Posted by Bronx718Guy

The only interesting note to this story is the spread between the Bronx and the other 4 boroughs, which is about 7 or 8 points. Clearly the Bronx is the outlier...but why wouldn't it be? It is the lowest-income borough, with the lowest home ownership rates. That's like posting a link to an article stating "Manhattan housing valued highest in NYC." Who would be surprised?

I will agree with Bluedog...considering all the challenges in the Bronx...I am surprised it isn't significantly higher and is only at the average for the country as a whole. That is surprising indeed.

Norwood: Location, location, location does matter....which is why I live < 30 mins from all major employers in Manhattan in the Southern Bronx (Mott Haven/Woodstock nabes). The Manhattan machine is at my fingertips. How about you?

Poor people are always the most susceptible to predatory lending practices so it makes total sense that poorer areas would have higher under water rates after a fiasco that was rooted in/based on predatory lending practices.