How Many NYC Rent-Stabilized Apartments Face Severe Financial Distress?

February 22, 2010 by Neil · Leave a Comment 

New York City has about 1 million rent-stabilized apartment units. The owners of more than 10% of those are undergoing severe financial distress, according to NYC’s Department of Housing Preservation and Development (HPD). Among those 100,000+ units, over 25,000 of those units have visibly deteriorated  (Hat Tip: AP). What does that mean for New York [...]

Which New York Bank May Be Hardest Hit By Commercial Real Estate Defaults in 2012?

February 21, 2010 by Neil · 1 Comment 

Over the next four years, $1.4 trillion in commercial real estate loans are coming due. At first glance, it would appear that those lenders who have the most loan money out would be at the greatest risk of suffering financial ruin. In fact, a closer analysis suggests otherwise. The top three lenders with the largest CRE books [...]

How Many U.S. Housing Units Received Foreclosure Notices in 2009?

January 16, 2010 by Neil · Leave a Comment 

A foreclosure filing includes default notices, scheduled foreclosure auctions and bank repossessions. In all, 2.2% of all U.S. housing units, or one in every 45 properties, received at least one foreclosure filing in 2009. That number increased from 1.84% in 2008, 1.03% in 2007 and 0.58% in 2006. In 2009, a record 2.8 million properties [...]

Will Uncle Sam’s Guarantee Revitalize New York City’s Apartment Building Market?

January 16, 2010 by Neil · Leave a Comment 

Freddie Mac, the mortgage-finance company with U.S. government support, plans to sell about $1.1 billion of securities backed by loans on multifamily properties.
Why might conservative investors purchase these securities on the secondary market? According to Freddie Mac, investors will be shielded against default on the underlying mortgages by both a Freddie Mac guarantee and credit [...]