Free Consultation
The office is open as per the NYS Covid-19 guidelines. We are now doing both in-person and telephone consultations. Please call the office at 718-855-6840 to schedule a time to speak with one of our experienced bankruptcy attorneys.

Big drop in Brooklyn housing prices

BklynPaper07-10-09FREE-FALLING:  Borough housing prices plummet,” screamed the lead article in the July 10th edition of The Brooklyn Paper.

While it may not be quite as dramatic as the headline indicates in the “Brownstone Belt” (as the article refers to Brooklyn), it’s impossible to deny that the housing crisis is also affecting what has been thought to be one of the more solid housing markets in the U.S.

The article cites a study by HMS Associates, a New York-based appraisal firm, indicating that for the 2nd quarter of 2009 the average sale price for Brooklyn homes was $548,460, a decrease of 18%.  The study also mentioned that total sales fell from 1,145 to 545 during the same period, a fall of 52%, and a number the article describes as a “barometer of whether a prevailing price trend will continue.”

While Brooklyn, and New York City in general, have not suffered foreclosure rates anywhere near the rates of markets such as California, Nevada and Florida, the drop in housing prices is still taking a toll in New York.  In addition to an increase in foreclosures, reduced housing prices have reduced the spending ability of New York City consumers, which is in turn taking a toll on businesses.  There is greater unemployment in New York.  And of course there are many New Yorkers who need to sell their homes but are unable to sell for a sufficient amount to pay their debts.  Or even worse, may be trapped in a situation where they are simply unable to sell their homes.

Options such as foreclosure mediation will hopefully be more available in the near future (if the New York State Legislature can get its act together).  But in the meantime, the clear result from these economic problems will continue to be an increase in the need for New Yorkers to file for bankruptcy to deal with their debts.

If you live in Brooklyn, Manhattan, Queens, Long Island or anywhere else in the New York area and you’re considering filing for bankruptcy in New York, or you need help with the new bankruptcy laws, please feel to get in touch for a free initial consultation.

There are a lot of economic forces at work that is beyond the control of the average New Yorker, and if you need help, make sure to get the full benefit of the bankruptcy laws that were put in place to protect you and protect our society.

More of our services: Landlords rights in Bankruptcy

Rosenberg, Musso & Weiner, L.L.P
26 Court St # 2211
Brooklyn, NY 11242, USA

Recent Posts

Beware Grace Periods, Debtors

Too often, debtors see grace periods offered by lenders as free benefits. “Grace” makes it sound so innocent. However, debtors who routinely rely on grace periods when making payments will find themselves facing financial difficulties that might lead to bankruptcy. The reason is that although creditors offer grace periods to debtors, they also use them

Read More »

Bankruptcy May Not Rescue You From Vicious Personal Disputes

Bankruptcy is a technical process that assumes everyone working within it is mostly rational. To the extent that it expects parties to deviate from irrational behavior, the Bankruptcy Code and its accompanying rules include incentives to keep parties in line. Creditors are usually large and impersonal, and they rarely care if their debtors file bankruptcy.

Read More »

Non-Lawyers’ Explanations of Bankruptcy May Be Wrong

Do you have financial problems? Do you tend to ask your friends for advice? Is one of your friends an experienced New York bankruptcy lawyer who will explain the process for you? Are your friends otherwise knowledgeable people? The answer to these questions may be, “Yes but you don’t know it.” Although many bankruptcy lawyers

Read More »

6 Steps to Take Before Filing Bankruptcy

Leaving your case to an experienced New York bankruptcy lawyer is not the only step on the to-do list before filing bankruptcy. There are many things debtors should do (and not do) before they file, and the more organized and mindful debtors are, the easier the process will be and the more effective the result.

Read More »

Social Security Number Not Necessary for Bankruptcy

A question that’s commonly asked about New York bankruptcy is whether a debtor needs a Social Security number to file. Debtors ask because they sometimes run across the bankruptcy form title, “Your Statement About Your Social Security Numbers” (B 121), which asks debtors to list their current and prior Social Security numbers. The new bankruptcy

Read More »

How Can a Debtor (or Creditor) Get a New Trustee?

The trustee in a New York bankruptcy case is usually not the debtor’s ally. His or her purpose is mainly to administer the bankruptcy estate or ensure the debtor’s repayment plan goes according to plan. Trustees pursue preference payments, fraudulent conveyances, and other malfeasance committed by debtors. They frequently initiate adversary proceedings against debtors. In

Read More »
Scroll to Top