Record foreclosures in NYC neighborhoods

From the NY Daily News:

Set up for a fall

In some areas of South Jamaica and Bedford-Stuyvesant, as many as 10 homes per block faced foreclosure last year.

The reason: subprime mortgages offered by unscrupulous real estate brokers and predatory lenders, according to a new study on the epidemic of citywide foreclosures.

The crisis has even spawned a new group of real estate predators that offers to counsel homeowners in default, or “help” them refinance their homes.

In neighborhoods like Brooklyn’s East New York, signs have sprouted on street poles offering cash on the spot to buy homes in foreclosure.

More than 9,000 New York City home owners faced foreclosure last year – an astounding 50% increase over 2005 – and that number has skyrocketed even higher during the first months of this year.

Mortgage lenders have filed 3,116 new motions to foreclose against delinquent homeowners since Jan. 1, according to a soon-to-be released study by the nonprofit Neighborhood Economic Development Advocacy Project (NEDAP).

Our city is now on track to surpass 15,000 filings this year, more than double the total two years ago, according to the study, which examines one- to four-family homes.

The foreclosure wave has struck hardest in minority neighborhoods of South Jamaica and Cambria Heights in Queens, Bedford-Stuyvesant and East New York in Brooklyn and Williamsbridge in the north Bronx, the NEDAP study shows.

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1 Response to Record foreclosures in NYC neighborhoods

  1. watch all and get forewarned again:

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    Originally aired on: 3/27/2007 on Bloomberg

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    New Today! Lennar, Beazer and the Housing Bust Continues

    The Nightly Business Report’s recap the numerous ugly housing related events that transpired during the day including Lennar’s dropping of all remaining 2007 earnings guidance and as well as FBI’s fraud investigation of Beazer homes related to foreclosures and lending.

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