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[Foreclosure Bus Tours] Lost In Translation

A foreclosure storyline is probably better without a tie, no?

Click here to view. [1]

CNBC interviewed me for a story covering the growing foreclosure situation [1] on Long Island and how it is entering Manhattan. Natalie Erlich did a nice job with the piece. The foreclosure tour bus running on Long Island is now entering Manhattan.

Foreclosure bus tours are appearing [2] in other parts of the country. Some with boxed lunches!

What I find fascinating, is that there were only 23 residential foreclosures in Manhattan in Q1 2008 down from 25 in 2007, according to PropertyShark.com [3]

Hardly a significant trend or pattern…no? There must be another justification to run the tours to Manhattan with such a low foreclosure rate. I’m guessin’ it was a publicity play, to contrast the resiliency of the Manhattan market.

UPDATE: Click here to view the second video [4] for the storyline. The disconnect between the number of foreclosures and the ability to run a bus seems to be because there are middlemen that buy blocks of distressed properties before they go into foreclosure and then re-sell for a profit. Sort of an inverse flip.