From the Wall Street Journal Economics blog (via my brother-in-law) comes this Dr. Seuss spin on CDO sentiment set to Green Eggs and Ham (great vintage YouTube video):
Broker Joe!
Show me some flow
I need the dough!
I’m Broker Joe!
That Broker Joe!
That Broker Joe!
I do not like
That Broker Joe!
Would you buy my CDO?
I do not like them, Broker Joe
I do not like your CDO!
Would you like it here or there?
I would not like it here or there
I would not like it anywhere
I do not like your CDO
I do not like it, Broker Joe
Would you like to sell some yen?
I do not want to sell the yen
The big fat tail just kills my zen
If you don’t sell now, then when?
I will not sell it here or there
I will not sell it anywhere
I do not like your CDO
I do not like it, Broker Joe
Our SIV has had a few rough knocks
Get in now, you sly old fox!
I am slyer than a fox
And I don’t think you have the docs
That you must have if you foreclose
And so a judge will thumb his nose
At you, your SIV, and CDO
Who owns the mortgage?
I don’t know
And you don’t either, Broker Joe
I would not know it here or there
I would not know it anywhere
I will not buy your CDO
I will not buy it, Broker Joe!
We have some hedge funds who are long
Those guys are smart! They can’t be wrong!
Some funds are long and some are not
The ones who are, are feeling caught
The short ones make a lot of sense
And they are up lots of percents
No SIV, no yen
Not now, not then
Not here, not there
I would not touch it anywhere
I will not buy your CDO
I will not buy it, Broker Joe!
But you can trust the agencies
They’ve rated this stuff Triple-B!
This tranche is still investment grade
You buy it here, your year is made!
The agencies have been asleep
Their ratings are just like ‘Bo Peep
That is, they’re from a fairy tale
As fiction goes, they’re off the scale
And I do not believe them, Joe
And so your tranche is a no-go
You think at 50 it’s a do
Until it falls to twenty-two
I do not like your CDO,
I will not buy it, Broker Joe!
Have you met our in-house quant?
He’ll model anything you want!
Except, that is, transactions costs
No thanks, I do not want the loss
From any quant’s sexy black box
Or mortgages unbacked by docs
Or mindless buys of kiwi-yen
Or ABX headed to 10
Or any other credit turd
I’ve spoken, Joe, so hear the word
I do not like your CDO,
I will not buy it, Broker Joe!
What?
What must I do, What must I do
What must I do to trade with you?
Perhaps you should avoid the drink
And use your brain sometimes to think
And not assume what’s gone before
Will follow on, and thus ignore
That circumstances sometimes change
And things that once seemed awfully strange
Can swiftly become commonplace
And then vanish once more, sans trace.
In short, you’ll have to look ahead
To win your future daily bread
In your head you have two eyes,
Use them, please, to analyze
And then you’ll see your business grow
So THINK THINK THINK THINK, Broker Joe!
I see! I see! I start to think
That all of my ideas stink
That CDO is mark-to-myth
The model’s written by a Sith
I’ll call my custies on the phone
And say “hey leave the yen alone!”
I’ll leave it to the black-box nerds
To buy up all the subprime turds!
I’ll say “you’re welcome”, “thanks”, and “please”
And just ignore the agencies
And as for our beleaguered SIV
The guy who runs it is a spiv
I’d stay away if I were you
Yes, that’s the wisest thing to do!
It’s been a quite eventful year
Weak hands have been found out, I fear
At bonus time they’ll feel the pinch
And find they’re working for the Grinch
(that begs the question: which is worse?
That bonus cheque, or all this verse?)
But now, at last, the race is run
Both year and verse are almost done
I hope your holidays are great
I’ll see you in 2008!
I and my team are currently in the midst of wrapping up a transaction with perhaps one of the most uninformed (she knows very little about her seller, the property, or the business), misinformed (what she does claim to know has proven to be incorrect time and time again), and plain ol’ brain dead examples of a real estate agent that I have had the displeasure of dealing with in my 16 years. My assistant has only had to wait for three years to have this "charming" experience and she’s probably better off for it as she now understands that the largest percentage of agents that we work with are indeed competent. Among the grocery list of stupidity that this agent has displayed are the following:
- Claiming 12 years of experience it seemed as though she had no clue how to prepare or present an application to the Board of Directors.
- Instead of disclosing that she knew nothing about the Co-op Board she misrepresented their (thanks for the edit "reader") requirements.
- She has been incredibly unresponsive throughout the transaction. (she even has a BBerry for goodness sake!)
- Every conversation with her went in circles because she knew nothing of what she spoke.
- She made blatantly false statements about her sellers, the property, and the Board directly to our purchaser.
- And to her credit, she did occasionally respond to questions with "I don’t know," but when prompted to delve further to get an answer she seemed to not want to be bothered.
And just in case it seems like I’m just belly-aching about a colleague (make no mistake…I AM!) here are some recent email snippets from our buyer regarding his perception of this self proclaimed "veteran:"
- "Someone should let her know how incompetent and annoying she is to deal with."
- "I will give her a piece of my mind at the closing table." (he won’t)
- "She’s a moron and needs help."
- (regarding the walk-through which she ultimately could not accommodate) "Being alone with her would be torture for me."
- "She’s getting on my nerves with her inability to function."
- "She could drive someone (me) to drink."
I just can’t believe that these sellers would have selected her to represent them if they knew how she handled this transaction. It is going to close so some may suggest that she has done her job. Perhaps, but she hasn’t done her job well. I can only imagine the aggravation that she brought to the table for her sellers and their attorney as well. What could have been a relatively pleasant experience for all involved became tainted by our dealings with this agent.
So what’s my point? I just can’t imagine that this type of agent is going to be able to survive much longer in a market where the consumer is demanding more and more of their real estate professional with expectations parallel to a stay at The Ritz. Oh my, she would make an awful concierge!
Is Apple getting into the lingerie business? Nope but they are rumored to be taking over VS’s UWS site. I can almost fall out of my office window onto what will soon be the city’s newest Apple Store.
photo from Property Shark (via Racked)
What is currently a Victoria’s Secret on 67th and Broadway is likely to become Steve Jobs’ newest retail outlet. It’s no secret to how savvy Jobs is. With retail prices in Times Square at astronomical levels (rumored to be as high as $675/sf…whaaaaaat!!!!!?), the $300/sf avg in Lincoln Center seems like mere peanuts to pay for Upper West Siders business.
Check out APPLE OF UPPER W. SIDE’S EYE (NY Post)
Straight from the pages of RISmedia comes these Nine Things Consumers Won’t Care About in the New Year. Jimmy Vee and Travis Miller who co-authored Gravitational Marketing: The Science Of Attracting Customers (John Wiley & Sons) provide the list.
The Top 9 Things Customers Don’t Care About:
9. How good you are at what you do. They only care about how good you are at who you are and how you can help them get what they want. I would add that they care how good you are at what you do as it pertains to them specifically.
8. Your education, your certifications or your designations. They only care about how what you know can help make their lives more enjoyable, simple and prosperous. Agree.
7. Your brand. They only care that the experience of doing business with you is sensational. Agree, but your brand can be a powerful means of meeting potential customers. It can also be a way in which your prospective client base can "get to know you." (i.e. a blog as a branding tool)
6. You saying you have great service. They only care about getting great service. Agree. Actions speak louder than words as always.
5. How much you charge. They care about getting value for their money. This is client specific but I do agree that if you provide stellar service, people feel much better about paying you.
4. How you feel today. They care about feeling good themselves and having a positive day. Agree. I recently was out of the office with back spasms that completely immobilized me. One of my prospective sellers didn’t care and hired another agent to sell her home (for the record, that agent priced the property almost 20% higher than me and the property languishes on the market today.)
3. Why you can’t do something. They only care about fast, easy solutions. Agree which is why management of expectations is such a key factor in a successful transaction.
2. How long you’ve been in business. They only care about how you can solve their problems under today’s conditions. Another client specific issue. I’m finding that many of my sellers and buyers feel time in the market is indeed important as they are seeking expertise which often only comes with time.
1. How cool or slick your marketing looks. They care about how your product or service can save them time, relieve them of pain, help their family or put money in their bank account. They want your "slick marketing" only if they believe that it will help them sell their property.
Overall this is an insightful list that is helpful in determining what should and shouldn’t be highlighted in our 2008 business plans.
“The major reason for these first quarter flops is that small business owners don’t take the time to find out what their customers care about and desire,” says executive business and marketing coach Jimmy Vee. “The entrepreneur dreams up, creates and rolls out what they want to sell…not what their customers want to buy. It’s a complete mismatch.”
As I was sitting at my desk this morning comprising a list of 31 (yes THIRTY-ONE) people that my wife and I will be tipping for this year’s Holiday Season, I was also trying to think of a good blog topic for the day. So I did what I do on most days that I feel uninspired by any of my own original content and I began perusing the RSS feeds. Surprise surprise, Curbed had a post on Friday about just this topic: And Now, The Holiday Tipping Point. Straight from the pages of Curbed comes this Two Trees Management Memo with their suggested guidelines on tipping (read the entire post and the links they provide which are chock full of info on tipping):
Based on my experience in a 300+ unit condo with (count them): a resident manager, 3 handymen, 7 doormen/concierge, and 7 porters, the above list falls exactly in line with what SOME in my building tip. I have an excellent relationship with my building staff and they often go above and beyond for my wife and I. For example, when we have a clogged drain, a leaky radiator, or a need for window cleaning, it almost always happens the same day that we ask. Last year, one of the porters installed our new dishwasher and asked only for $20 (I gave him more). Generally speaking, my wife and I feel good about "taking care" of our building staff, parking attendants, mailmen, and newspaper delivery persons this time of year.
Having said that, there is a problem we have with those on our building staff who are useless and there are indeed a few (one doorman who doesn’t know what it means to open a door conveniently asks me every December for some business cards so that he can send business my way…Of course I oblige even though I know he has a relationship with another agent in the building who pays him illegal referral fees). The problem is that if we tip them less, they will move more towards the useless end of the spectrum as opposed to becoming more helpful. It just doesn’t seem fair however that they be tipped the same as those who are so incredibly helpful throughout the year. So this year I have decided (my wife doesn’t know I made this decision yet) to tip each staff member based on their individual helpfulness over the past year while taking into consideration how we want to be treated in 2008. I’m thinking that if the averages in the above memo held true in my building that our doormen would rake in about $30,000 each in Holiday Bonus money. As a percentage of their salaries, not a shabby haul.
Anxiety levels are high in the Manhattan real estate industry as many eagerly await some sign of market direction in January. Some signs are already appearing as Fall sales have been slow, inventory is increasing (albeit modestly) and price direction seems to be stabilizing at best. Lauren Elkies of The Real Deal (check out the entire article, well worth the read) asked some industry experts about the current market. Here are those responses:
Shai Shustik CEO and founder, Manhattan Residential
There has definitely been a slowdown for the average cookie-cutter unit. People are looking for deals and taking longer to execute. Units that are priced as if we were in 2005 are not moving and just flooding the market with unsold statistics.
Frederick Peters president, Warburg Realty Partnership
There are few bidding wars, and when they do occur it is only on very well-priced properties. Even then, things are not going much over the asking price and there may be two or three bidders, not six or eight. Almost nothing is sold anymore in a week or two.
Kathy Braddock co-founder, Braddock + Purcell, and Charles Rutenberg Realty
The most positive trend in the market right now is that the mortgage problem and the media have not deterred our market. The most negative is that it is still hard for first-time buyers to acquire the liquid assets that they need.
Diane Levine brokerage manager of the Downtown office, Sotheby’s International Realty
Certain sellers are still attempting to push beyond the value of their property. Correctly priced properties are moving. And, those attending open houses tend to be "real" buyers.
Gordon Golub senior managing director, Citi Habitats
Studios as well as larger units (1,600- to 2,200-square-foot two-bedrooms and three-bedrooms) are being absorbed very rapidly, while one-bedrooms are taking longer to go to contract.
Barak Dunayer president and founder, Barak Realty
Overall, the attendance at open houses has been steady. The only noticeable difference is that buyers stay away from undesirable properties. I still remember the times that people bought any hole in the wall.
David Schlamm president, City Connections Realty
The rental market actually slowed down a lot earlier than in previous years. This year we felt it slow down in the beginning of October, where traditionally it really slows down closer to Thanksgiving.
Brian Huang sales manager, City Connections Realty
The overall market has strength in prime locations, but we are seeing some negotiability in "up-and-coming" areas. We’ve also had more interest in larger apartments than last year.
Jonathan Miller director of research, Radar Logic
There is modest appreciation based on median sale price, a relatively tight listing discount and the normal number of days on market so buyers and sellers seem to be in sync.
Because of all the turmoil on Wall Street and the discussion of lower bonuses, we’re expecting to see an expansion of marketing times and some cooling off of the elevated activity. But, we’re still seeing a lot of activity.
Here’s my two cents on some of these comments:
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"Correctly priced properties are moving." Not all of them are. I’m here to tell you that some properties that are priced quite aggressively are spending quite some time on the market as we all wait for signs of market direction.
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"Those attending open houses tend to be ‘real’ buyers." Perhaps they are "real" but they are also "real" patient.
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"People are looking for deals and taking longer to execute." SPOT ON!
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"Almost nothing is sold anymore in a week or two." Everyone hear that? It’s true.
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"Studios as well as larger units (1,600- to 2,200-square-foot two-bedrooms and three-bedrooms) are being absorbed very rapidly, while one-bedrooms are taking longer to go to contract." In some parts of the city but not everywhere. I would add that properties over $5M are still selling if priced well and those priced well below $1M are still moving but I don’t see "rapid absorption" right now of anything.
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"We’re still seeing a lot of activity." Where? When? Who? Not in my office of 250 agents. I’m hearing the same thing from everyone so where are all of these deals being done?
For the record, I have a great deal of respect for many of those quoted in this article. That said, I’m just not seeing most of what they are reporting. I’m not at all suggesting that they are spinning things or not reporting things as they see it but the disconnect between what they are reporting and what I and all of my colleagues are seeing is puzzling and frustrating. Neil Binder of Bellmarc actually seemed to describe the Fall market more closely to what i and my colleagues have observed:
"August and September were bad. If I had a weak August and September, collections will be weak in December and January," said Neil Binder, principal and co-founder of Bellmarc Realty. "Most firms will have to go into reserves to keep the show on the road" those two months.
"The month of October was fine, nothing special, nothing terrible. It was just OK. This particular month looks similar," Binder said in late November.
As far as how I see the market and what current conditions mean for 2008…well….um…it’s not an easy question to answer but here goes my educated guess based on current market conditions and anecdotal information provided by my clients and my colleagues.
Early 2008 will see an increase in activity but not at levels seen in the past few winter markets. As 2008 progresses, sellers and buyers will finally meet somewhere in the middle regarding pricing thereby generating an increase in transaction volume and a renewed confidence in Manhattan real estate from those who are currently overwhelmed with anxiety.
Oh, and by the way…I hope that I’m completely wrong, that Wall Streeters are throwing cash around again and that 2008 is a record year. Not counting on it but who knows when your talking about Manhattan real estate?
With all the talk of housing markets across the country still in decline and a quiet stalemate here in Manhattan, many sellers and their agents are confused as to how they should price their property for an efficient sale. Lew Sichelman wrote Figuring out the math when it’s time to move on for the LA Times on Sunday and addresses absorption-rate pricing for the real estate industry.
In a hot housing market, it doesn’t seem to matter what price sellers put on their homes. Whatever you ask, someone will offer more.
But in a slow market, pricing is key. Price the place too high and it will languish, soon taking on the aura of a white elephant.
Yet the key isn’t so much your asking price as it is how fast you want to sell, said Zan Monroe, a senior instructor for the Council of Residential Specialists based in Fayetteville, N.C., and proponent of "absorption-rate pricing." If you’ve got time on your hands and are in no real hurry to move, then, yes, you can offer your place at the high end of the market. But if you want out fast, you have to be much more realistic. You need to find the price point at which your house will sell as quickly as you need it to.
Absorption-rate pricing isn’t new. Practically every type of business uses the technique. But it is new to real estate. "Our industry is just now catching on," said Monroe, who teaches agents how to help clients determine an asking price commensurate with their need to move on.
Monroe suggests the following to determine absorption-rate price for your home:
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First, realize that only a certain number of houses will sell in any market, strong or not, in any given time period.
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Determine the odds that your house will sell. Hire an agent familiar with MLS or local listings data to determine:
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How many properties were on the market in the past 6 months?
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How many sales closed?
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How many new listings entered? (Ex. Let’s say there were 53 closings of the 128 listings that entered the MLS in the last six months. That means 41% of the houses that entered the market sold. So the odds of your place selling in the 180 days after you put it on the market are just over 40% — regardless of how low the price)
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You can cast as wide a net as you want. Or you can drill down to, say, your own neighborhood, a certain price range, school district or even house style. The more detailed the search, the more accurate the results
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Once you determine your criteria, you can figure out the absorption rate by completing a 12 month, 6 month, and three month analysis. (EX. 1,200 sales fitting your search criteria closed in the last year. That’s an average of 100 per month. Divide the number of active listings — say, 800 — by the average closed per month, and you’ll now know that there’s an eight-month supply of houses on the market)
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Perform the same analysis doing a six-month search and then a three-month search (EX. If the months’ supply of houses is going down, the rate of sales is speeding up. But if it is going up, sales are slowing)
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Determine your "walkaway" price which is the amount of money you’ll have in your pocket after closing. Look at the prices of the homes in your search criteria that have been sold and that are still on the market to see if your "walkaway" price is in the ballpark of the sold homes.
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Based on the absorption rate in your search, you can see how long it will take to sell your place. If it will take more time than you have, you’ll have to set a lower price.
If this isn’t terribly clear, here’s my two cents:
- Select your price based the amount of time you have to sell focusing less on current supply of inventory (in terms of prices) and more on what has actually sold or gone to contract.
- The 12 month, 6 month, and 3 month analysis can be useful tools in determining price if you actually pay attention to the data but keep in mind the criteria that you used to gather that data.
- And LASTLY but MOST IMPORTANTLY, hire an agent whom you trust with the interpretation of the data and make them explain how they came up with a price.
Manhattan definitely isn’t Fayetteville but I think Mr. Monroe’s tips could indeed be useful in any market.
The question that is most frequently asked of me, particularly as of late, is "how’s the market?" To which I usually respond, "Can you believe how well those New England Patriots are doing?" That "how’s the market" question is increasingly more difficult to answer as it totally depends on my sources of information (I could spin the market in any way I chose by selecting supporting evidence from any number of media sources) and the anecdotal evidence of my business as well as that of the colleagues who sit in close proximity to me. So based on those factors, here’s my answer:
It’s SUPER quiet right now! The best article that I have read lately that most accurately portrays the current market is Between Buyers and Sellers, a Stalemate written by Christine Haughney for The New York Times (and I’m not just saying that because I was quoted in the piece).
Manhattan is apparently full of sellers who think foreign buyers, or bankers who might still get big bonuses, are ready to pay full price for their apartments. These sellers do have recent history on their side. For the first three quarters of this year, Manhattan apartments over all continued to sell at record prices.
Now, brokers say, they see a stalemate developing between buyers and sellers in Manhattan, especially for apartments in the $1 million to $5 million range. Sales in this range made up more than half of the total dollar volume in the market in the third quarter of this year, according to data tracked by Radar Logic.
Brokers say it is the buyers in this sector of the market who are now growing concerned about the impact of the weak national housing market and the effect that Wall Street losses might have on Manhattan apartment prices. So they’re lowering their bidding or stopping their searches altogether until they have more confidence in the market.
Buyers and sellers alike are indeed digging in their heels. Having said that, I’m seeing more motivated sellers on the market right now than those who "test" the market to see if they can get their price (inflated usually). I have also experienced many sellers pulling property off of the market as they have made the decision to stay where they are and "ride out the storm." If there is going to be a storm, and that remains to be seen, then perhaps this is the calm that precedes it? As I eluded to in the article, most of my Wall Street buyers (all of them now since the article was printed) are patiently awaiting signs of market direction in Q1 2008 before proceeding with their purchases.
So what do I see happening in 2008? Based on the plethora of economic data that I have been watching, certain segments of the Manhattan market may see the current imbalance of inventory and buyers tip slightly more toward the buyer’s favor. In other segments (i.e. the Classic 6 and 7 markets in prime Upper West and Upper East side locations) it will remain business as usual with buyers frustrated with the minuscule amount of product to choose from. In the condo market, I’m not sure that I believe that the increases in inventory will be offset by increasing numbers of foreign buyers but as long as Manhattan remains relatively clean with low crime stats, I imagine the worst case as being a stabilization or even modest decrease (as much as 10%) in prices. So here is my advice:
Sellers:
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The days of picking a price from thin air and letting the market dictate selling price seem to be behind us.
Pricing is more important in today’s market than it has been in the past 10 years. If you really want to sell your current home, price it aggressively but leave some room for negotiation. Buyers aren’t eager to pay asking prices right now regardless of how you may support it.
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Keep in mind that if you are trading up in a stable or declining market that you may actually do better from an equity perspective. (ex. If you sell a home at a 10% decrease at $1M and you purchase a larger home at a 10% decrease for $2M, you have gained $100k in equity in the new home.)
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Don’t bother "testing" the market. It’s a waste of your and your agent’s time.
Buyers:
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Be Patient. If you are fortunate to have more than one property that interests you then you should have more leverage to get a deal done at a reasonable price point on at least one of those properties. I say "should" because we still have many sellers who think that someone with a pocket full of Euros is going to snap up their home. History shows that the learning curve for sellers can be long and painful.
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Determine your time line for ownership. If you’re buying for long term (5-7+ years) you have a much better chance of doing well than someone with a 3 year time line.
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Analyze your current situation. Do you rent? How does it compare to cost of ownership? Consider tax benefits as well. Speak to your accountant and a reputable mortgage broker regarding your financial picture.
Overall, I think there are a lot of buyers waiting patiently on the sidelines who will jump as soon as they see an opportunity and feel comfortable with the real estate market, the economy, and their own job security going forward. Q1 2008 is going to answer a lot of questions and as an agent sitting in a very quiet office right now I say, "bring on 2008!"
People’s feelings about Co-op Boards range from utter disdain to acceptance as a means to control one’s environment. Madonna is apparently of the former as she is filing a lawsuit against her Co-op Board at Harperly Hall for refusing to approve her purchase of her neighbor’s apartment. from the NY Post:
The pop icon has filed suit against her Central Park West building’s co-op board, charging that it wrongfully blocked her from buying a neighbor’s apartment.
In papers filed in Manhattan Supreme Court, the singer says the board recently stopped her from closing on a deal to buy Julie Clark Thayer’s home. Madonna is seeking a court order allowing the sale to go through, as well as legal fees and expenses. Board president Phyllis Harrison-Ross did not return a call for comment.
The Daily News also chimes in with some interesting "Madonna haters" leaving comments. This one is particularly hilarious:
These celebs are just like athletes, They think they are entitled to whatever it is they want! This ***** wants to break thru the walls of an historic building and make more space for her self and she has the money to do it and she thinks thats enough! To **** with the co op board! "I wan’t it and you have to give it to me!" Its no wonder the rest of the world wants to take a shot at us when they read **** like this! The co op board of the other building was right in rejecting this demanding *****! She has too much money and not enough brains, Pig!
Can you say envy, jealousy and resentment? Good grief, she has the money to purchase the neighbors space and the Co-op could easily oversee the combination. I would love to have been a fly on the wall during that Co-op Board meeting. I also wish that the bill forcing the co-op to disclose their reasons for the rejection had already passed.
A colleague of mine recently had 2 Board turndowns for the same apartment in the Dakota with the second coming after an officer on the Board of Directors promised his neighbor, the purchaser, that s/he would be approved for the combination. I know that many shareholders in buildings that exhibit such exquisite architecture as The Dakota and Harperly Hall are reluctant to compromise the integrity of the original layouts. That said, some even turn down combinations that would restore apartments to their original layouts. There is quite a bit to consider when allowing a massive combination project to proceed in such an old building as well. I guess we will never know what Madonna’s Board was thinking.
The Property Shark November 2007 Foreclosure Report has been released and here are the key takeaways:
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Comparison to October 2007: Although Los Angeles, Miami and New York City experienced just slight increases compared to October 2007, all three regions reached two-year highs for new foreclosures. Seattle saw the second highest monthly foreclosure value for the past 2 years and a jump of 118% over October 2007.
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Comparison to November 2006: Scheduled foreclosure auctions in Los Angeles, grew by 234% compared to October 2006, while New York City increased by 129% and Miami by 111%.
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Foreclosures per Household: Of the four cities, Miami had the highest foreclosure rate per
household, about 6% higher than Los Angeles, and 872% higher per household than New York City.
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New York City Boroughs: First time foreclosures in Staten Island increased by 49% compared to October 2007, again surpassing Brooklyn to be the New York City borough with the second highest number of monthly foreclosures. All boroughs had higher foreclosure numbers compared to October.
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Los Angeles Trouble Spots: Ones again zip codes in Lancaster and Palmdale topped the list with the most new foreclosure auctions scheduled in November..
Manhattan’s foreclosure numbers remain relatively stable as you can see from this chart:
Just more evidence that housing markets are hyper-local.
