The foreclosure epidemic that has clouded over the different real estate market of the nation has now entered the different cities of New York State. The real estate of Brooklyn has been the one that has faced the most of the foreclosure epidemic. According to a study from different real estate statisticians, the figure of Brooklyn foreclosures has increased by more than 50 percent from the figure of the previous year. Filings of 875 Brooklyn foreclosures were noticed in the month of July. Brooklyn was among the cities of New York that had the highest foreclosed properties (probably second to Queens).
This fast increase in the number of Brooklyn foreclosures saw the market value of most properties souring down considerably. In the first quarter of 2007, the market value dropped as low as 15 percent and it seemed the curse, which has been the way to downfall of other real estate market in nation, has come to haunt the Brooklyn real estate market as well. Most statisticians thought that the first quarter was an indication of the things to come and how the Brooklyn real estate market was suppose to fall down.
However, the experts had complete different views. They felt that the present situation was perfect for real estate investment as the economy of Brooklyn and the support of New York State was sure to help in the recovery of Brooklyn real estate. They felt that the best place to invest was the Brooklyn foreclosure market that included the Brooklyn foreclosures. Values of Brooklyn foreclosures were receiving continuous falls and they were at a stage that the property was assuring an immediate profit even in the current scenario. Again, most of Brooklyn foreclosures were located in he desired location of the city. It meant that the strategy of investor, whether resell or renting, was bound to fetch excellent return.
From the second quarter itself, Brooklyn real estate market has seen a stability that has both the faith of the investors back towards the market. According to the data collected from Brooklyn foreclosure listings on September 03, 2007, there were 1,989 Brooklyn foreclosures listed in the market at a median rate of $425,000. The cap value and lower value of Brooklyn foreclosures stood at $2,400,000 and $5,000 respectively that indicated the presence of a variety in properties located in the city and has enticed different types of investors for investment in the foreclosed properties of the city.
