Real Estate Downturn

The Face of Real Estate Downturn, a Look at Queens, NY.

The real estate Queens market was hit hard by the 2008 market recession. Foreclosures were being announced on a weekly basis from all the corners of United States, New York not being left out, particularly Queens. Out of the five boroughs of the City, Queens received the worst blow of the market crumble. According to a report by Furman Center for Real Estate and Urban Policy – the leading academic research center in New York City devoted to the public policy aspects of land use, real estate Queens development and housing, in the first nine months of 2008, 5,482 foreclosures were received in the borough, most of which were addressed to south Queens; Queens Village had 956, Jamaica and Hollis, both had over 800 foreclosures, and South Ozone Park and Howard Beach 563.

Neighborhoods on the western side of Queens proved their position as the borough’s real estate Queens market backbone, with Forest Hills gunning the lowest – 41 foreclosures, 73 for both Sunnyside and Woodside of Long Island City, 95 for Astoria and none for Hunters Point also known as Blissville. This affirmed that the well heeled and opportune Queens lads are doing fine and that they always will. Flushing, Corona and Elmhurst and Hillcrest and Fresh Meadows all ranged between one and two hundred, and Kew Gardens, Woodhaven, Rockaway, Jackson Height and Ridgewood all ranged between two hundred and five hundred.

The lower incomes and minority lads

were hit the hardest than their well off residents, those easily accessible to Manhattan, and it’s all about financial discipline; the savers tend to have a cushion against such economic risks which the spender do not have. Good thing that the market stabilized as predicted, but if it had gone on for another 12 months there would have been more foreclosures in LIC. This would have been the worst real estate Queens market decline in the history of Queens.

According to ARCON, there are two main reasons for such a high foreclosure rate in Queens:

a large rate of home ownership and a large number of minorities. The combination coupled with the high demand from the all over New York for a piece of the borough was an attractive target for mortgage sharks so long as real estate Queens is concerned. Most of the borrowers who suffered the most were those who did not really understand the loan agreements and the real market and were not cushioned against the market downfall and nobody warned them about it.

However, times are changing back to normalcy for the borough.

 Although it being the hardest hit, Queens’s housing market still proves too hot for the New York real estate market. The demand for real estate Queens is growing by the day and the market players are getting more optimistic about the future of this borough. This spurt in real estate Queens can be credited to the much appreciated effort of ARCON and Furman Center for Real Estate and Urban Policy who played a major role in mitigating the number of people who lost their homes by offering free advice to the minority who suffered the most. They revamped the Queens’s glory and salvaged the little market value the community was clinging on. Although the region continues to face economic challenges from high unemployment and tight credit conditions, real estate Queens Market has rebounded significantly over the past few years. Walking around the borough you’d hear agents talking of continued improvement.