Manhattan foreclosures? The two words just do not seem to match. Manhattan, an island borough of New York City is synonymous with wealth and power. Yet somehow the virus has sneaked in causing Manhattan foreclosures. The borough of Manhattan consists of five main islands and innumerable small ones. Being the commercial, cultural and financial centre of the mightiest nation in the world since end of the last War it seems that Manhattan foreclosures should become a topic to be talked about. Manhattan foreclosures cannot happen here in this place that is the address of the United Nations, the New York Stock Exchange, NASDAQ and boasts of the most famous street of today’s world – Walls Street.
Manhattan means the island of many hills in native language. No other place in USA is so densely populated – the ratio of the main races being nearly 57% being Whites, 27% Hispanic and 17% blacks. In Manhattan is located the nation’s most valuable real estate like 450 Park Avenue that was sold for $510 million this year. Manhattan is choc-a-block with financial wizards. Little wonder then that Manhattan foreclosures are not topping the list.
The foreclosure is a legal process initiated by lenders to realize their dues. It ends up with an auction sale. Today along with Manhattan foreclosures innumerable foreclosures across the country are hitting the headlines as a fall out from the sub-prime mortgage fiasco. Attracted by the real estate boom and its zoom in Manhattan speculators were busy but in lesser numbers because of steep real estate prices. Manhattan foreclosures did not march at the same pace as other places because the strong local economy could adjust and not allow real estate market to fall. Manhattan foreclosures remained controlled.
According to a report dated March 2007 it was expected that Manhattan foreclosures would never reach tsunami proportions. Foreclosure filings nation wide dropped in February to 106,074. Of these only 22 were Manhattan foreclosures. It was the same as the Manhattan foreclosures in January – 44 in two months in a borough where 9000 borough sales are held annually. In the fourth quarter all total there were 20 Manhattan foreclosures. In 2006 the ratio of Manhattan foreclosures to houses was 1:734 respectively.
A more recent report says that Manhattan foreclosures are far less than the rest of the country – 10 in October and 12 in November. Manhattan continues to be a legend.
