Borough Foreclosures Building Up

A foreclosed home can bring down property values on an entire block … and across the street ... and in the immediate neighborhood. Taking that into account, more than 50% of NYC is now dealing with foreclosures and the ripple effects. Throughout New York City in the first quarter of 2007, there were 554 foreclosures as compared to 918 in the first three months of 2008. Queens had the most with 508. The second quarter looks like we’re in for more of the same. Those who stay up late and purchase one of the Be A Foreclosure Property Shark Millionaire packages as advertised on television may soon be in a "feeding frenzy" gobbling up our neighbor's homes right in our own backyards.