When the national housing bubble popped in 2006, it was followed by a wave of foreclosures that crashed against America.

New York City seemed immune at first, as prices held steady. However, by 2009, New York was forced to play by the same economic rules as the rest of the nation. 

For us here in Brooklyn, it was the more modest sections of the borough that suffered the most, including Bed-Stuy, which consistently had one of the highest rates of distressed properties during this time. 

The Corcoran Group, along with Propertyshark, and Prudential Douglas Elliman, along with Miller Samuel, have released their Brooklyn property reports for the first quarter.

And it looks as though things are looking up for Brooklyn as a whole as prices are up 7 percent. According to Jonathan Miller, principle at Miller Samuel Inc., a highly regarded appraisal firm, the market is "stable and improving.” 

It also turns out that the sections of Brooklyn hardest hit by the housing crisis, including Brownsville and Crown Heights, have shown a 5.15 percent growth in closing sales price.

I mentioned in my very first column, "Why Bed-Stuy is NYC's Hottest and Most Affordable Neighborhood," that by the time the data hits the public, it's already months old.

And as your man on the street, I can tell you what I see happening right now: It's “A Tale of Three Stuys.”

The Wealthy Investors: There are a handful of real estate investment groups that have purchased swaths of distressed homes in Bed-Stuy. Armed with funds in the tens of millions. They either purchase, rehab or rent out the properties for a nice return. Or they purchase and solicit buyers to go into contract with the promise that they will have a fully renovated home upon closing. All I can say here is Caveat Emptor (Buyer Beware).

The Holders-On: There are still many homes in the area facing foreclosure. Some residents are trying desperately to hold on by refinancing their present mortgages using President Obama's  Home Affordable Modification Program. With this program, borrowers pay a portion of their income as their mortgage payment, at a reduced interest rate.

The General Market: Many of the neglected or abandoned homes that have marked Bed Stuy for many years have now been put on the market and longtime residents and newcomers alike are buying and rehabilitating these former eyesores. The most common mortgage product used by someone interested in living in the property post-rehab is the 203k-Renovation Loan. It's an FHA (Federal Housing Administration) product that allows borrowers to purchase and acquire the renovation funds with a 3.5 percent deposit. 

341 Hancock Street, a former SRO (single room occupancy) in need of a complete rehab, was reintroduced to the market a few weeks ago at $489,000. Within the first week, there were over forty buyers who viewed the property. It presently has multiple offers.

This past weekend, while out scouting other properties, I noticed that any property priced appropriately had at least 10 groups of buyers waiting in front of the property before the open house started. It remains that Bed-Stuy is the last affordable Brownstone neighborhood in the city.

And by the looks of things, it's no longer a secret.

Next Column: Bed Stuy's Red Carpet "Stuyvesant Heights: Real or Marketing Hype?"

Martin Tkalla Keaton is a senior associate and Multi Million-Dollar Club member of the Corcoran Group.